COLLINS: No money to send home. The ripple effect from the worsening financial crisis impacting a major part of Mexico's economy. CNN's Harris Whitbeck reports.</s>HARRIS WHITBECK, CNN CORRESPONDENT: It's a crucial component of the Mexican economy, money sent home by Mexicans who work, legally and not, in the United States. Marilyn Pena depends on those remittances to get by. She lives on the outskirts of Mexico City. Her father migrated to Chicago 12 years ago looking for work. In good months he'd send her about $200 a week.</s>MARILYN PENA, MEXICAN CITIZEN (through translator): Last week he stopped sending money. He told me he has no more work because of the situation there.</s>WHITBECK: As it is for Marilyn, that source of income is drying up for millions of Mexican families. Remittances from the U.S. dropped by 12 percent in August compared to August of last year, according to Mexico's central bank. (on camera): And it will probably get worse before it gets better. Some economists predict the actual drop in remittances will be at 20 percent by year's end. That's $5 billion many Mexican families will not be getting from relatives working in the United States. (voice-over): The financial crisis and economic slowdown in the U.S. are having a direct effect on Mexican families.</s>PABLO RUIZ, ECONOMIST (through translator): Temporary workers -- always the first to lose their jobs in crises like this one. Since many Mexicans in the U.S. are there illegally they are most vulnerable to unemployment.</s>WHITBECK: After oil exports, remittances are Mexico's second largest source of foreign currency. Fewer jobs in the U.S. mean that source is already less bountiful. Harris Whitbeck, CNN, Mexico City.</s>COLLINS: I'm Heidi Collins. Join me again tomorrow morning starting at 9:00 a.m. Eastern. For now, CNN NEWSROOM continues with Tony Harris.
Mexico's Economy Severely Stunted by U.S. Financial Crisis