Economics
U.S. Personal Incomes Soar by Most on Record on Fiscal Stimulus
- Household spending also increased in fuel for future growth
- Inflation gauges rise from pandemic-related slowdown year ago
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U.S. personal incomes soared in March by the most in monthly records back to 1946, powered by a third round of pandemic-relief checks that also sparked a sharp gain in spending.
The 21.1% surge in incomes followed a 7% decline in February, Commerce Department figures showed Friday. Purchases of goods and services, meanwhile, increased 4.2% last month, the most since June.