Personal income surges by most on record as Biden delivers stimulus checks
Personal income rose 21.1% month over month in March
Rep. Carlos Gimenez, R-Fla., warns President Biden's proposed tax hikes and infrastructure plan will kill jobs and discusses the migrant surge on the southern border.
Consumers’ spending and personal income soared in March as more vaccinations fueled a further reopening of the U.S. economy and as the government sent out stimulus checks to millions of Americans.
Consumer spending, which accounts for two-thirds of U.S. economic activity, rose 4.2% last month, rebounding from last month's 1% decline. Analysts surveyed by Refinitiv were expecting a 4.1% increase.
Personal income, meanwhile, surged a record 21.1% versus the prior month, recovering from last month's 7% drop and topping the 20.3% increase that was anticipated. The spike came as the government sent out $1,400 checks to most Americans as part of the American Rescue Plan.
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Elsewhere, personal consumption expenditures climbed 2.3% year over year in March. The core reading, which excludes food and energy, grew 1.8% from a year ago.