Forget Trump -- Mexico should worry about our last jobs report
Another week and more attacks against Trump in Mexico.
Another Friday and another lousy jobs report in the US, or Mexico's important trading partner. Just a few numbers to make the point: U.S. goods and services trade with Mexico totaled an estimated $583.6 billion in 2015.
The latest jobs report goes like this and it should concern Mexicans a lot more than Trump:
The U.S. economy created the fewest number of jobs in more than five years in May, hurt by a strike by Verizon workers and a fall in goods producing employment, pointing to labor market weakness that could make it difficult for the Federal Reserve to raise interest rates.
The news about a slowdown "en el Norte" should really worry Mexico:
The monthly jobs reports have "been flashing a warning signal for quite some time," said Sung Won Sohn, economist at California State University Channel Islands.
Let me share a personal experience. I lived in Mexico during the awful 1981-82 recession. It had a devastating effect on local industries, and that was 15 years before NAFTA connected the two economies. I was constantly reminded of that Mexican expression: "When the U.S. sneezes, Mexico catches cold".
As I discussed with a good Mexican friend, Trump has become a distraction for the Mexican chattering classes. He is an easy target, especially with the growing disenchantment with the Mexican political class. Attacking Trump is the only thing that the left, center and right can agree to in Mexico these days!
Yes, some of Mr. Trump's remarks were inappropriate. However, it is the US economy that should really worry our friends in Mexico. They will come to love "El Presidente Trump" if he turns this economy around!