Income Increase

During 4/20, US personal income rose 10.5%, its biggest jump ever. The rise was entirely due to the $1,200/$500 personal stimulus checks and the $600/week increase in unemployment insurance payments. Despite that, consumer spending still shrank by a record 13.6% in April due to fear and lockdowns. Thus, savings jumped to 33%, quadruple or quintuple its normal rate. This money will help households pay their bills, at least temporarily.