U.S. Incomes Soared 10.5% in April... and Saving Rate Hit Highest Level Ever

 

The government’s efforts to support the U.S. economy by sending checks to taxpayers and enhancing unemployment benefits led to soaring income but most of that money was saved as American consumers pulled back on spending in April.

Personal income rose 10.5 percent in April, Commerce Department data showed Friday. Economists had forecast a six percent decline in income due to rising joblessness and a shrinking economy.

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