Over half a million Mexican workers have lost their jobs despite President Vicente Fox's promise of more jobs. A number of analysts claim that the unemployment is due to the two consecutive quarters of American stagnation. Mexico sells the majority of its exports to the United States, so an American slowdown results in Mexican layoffs and shutdowns. However, the rate of decline is slowing and many foresee this time to be the worst part of the cycle.
See "Slump in U.S. Drags Mexico, and Fox's Agenda, Down", TIM WEINER, The New York Times, August 20, 2001