Reflecting the distribution of stimulus checks by the federal government, the Commerce Department released a report on Friday unexpectedly showing a substantial increase in U.S. personal income in the month of April.
The Commerce Department said personal income spiked by 10.5 percent in April after tumbling by a revised 2.2 percent in March.
The jump in personal income came as a surprise to economists, who had expected income to plunge by 6.5 percent compared to the 2.0 percent slump originally reported for the previous month.
Meanwhile, the report showed a steep drop in personal spending, reflecting the impact of the [coronavirus][1]-induced lockdown.
The Commerce Department said personal spending plummeted by 13.6 percent in April after a revised 6.9 percent slump in March.
Economists had expected spending to tumble by 12.6 percent compared to the 7.5 percent nosedive originally reported for the previous month.
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