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.