US personal income in the US shot up a record 10.5% in April

Personal income in the US surged 10.5% in April, the biggest jump since the US Bureau of Economic Analysis starting compiling data in 1959.

The rise was mainly due to government payments to help Americans cope with the fallout of the Covid-19 global pandemic. Federal economic recovery programs, including personal stimulus checks, amounted to nearly $6.2 trillion. Unemployment insurance payments, meanwhile, rose by more than 500% to $430 billion in April.

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