Commerce Dept: Household Income Up 21% In March

The Wall Street Journal reports:

Household income rose at a record pace of 21.1% in March as federal-stimulus checks helped fuel an economic revival that is poised to endure with an easing pandemic.

The surge in income last month was the largest monthly increase for government records tracing back to 1959, reflecting $1,400 stimulus checks and other government aid included in a $1.9 trillion fiscal relief package signed into law in March. Spending was also up sharply, increasing 4.2%, the Commerce Department said Friday. That was the steepest month-over-month increase since last summer.

Americans will have cash to spend as the economy reopens more in the coming months. The personal-saving rate rose to 27.6% in March from 13.9% a month earlier.

Read the full article. Photo: Commerce Sec. Gina Raimondo.

Household income surged by a record 21.1% in March, as stimulus checks hit bank accounts and propelled consumer spending https://t.co/mRhgZgHCGd

— Capital Journal (@WSJPolitics) April 30, 2021