Household income soared a record 21 percent in March


Household income in the United States soared in March, the Commerce Department said on Friday, setting a new record.
Personal income increased by 21.1 percent last month, according to a Bureau of Economic Analysis report, which was the largest monthly increase since these records have been kept going back to 1959, The Wall Street Journal reports. Disposable personal income also rose by 23.6 percent.
President Biden in March signed Congress' $1.9 trillion COVID-19 relief bill, which included direct payments to Americans, and the Bureau of Economic Analysis noted the "increase in personal income in March largely reflected an increase in government social benefits." In February, incomes had fallen by seven percent, according to The Associated Press.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The report also showed that Americans' personal saving rate grew 27.6 percent in March, which the Journal notes was the second highest rate on record. The U.S. economy also grew 1.6 percent in the first three months of the year, while consuming spending in March rose 4.2 percent.
"The strong consumer showing at the end of the first quarter sets the tone for a summer boom,” Oxford Economics chief economist Gregory Daco said, per The Associated Press. "As health conditions improve and the economy reopens, generous fiscal stimulus, rebounding employment and rising optimism will help unleash pent-up demand."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Does depopulation threaten humanity?
Talking Points Falling birth rates could create a 'smaller, sadder, poorer future'
-
New White House guidance means federal employees could be hearing more religious talk at work
The Explainer Employees can now try to persuade co-workers of why their religion is 'correct'
-
Real-life couples creating real-deal sparks in the best movies to star IRL partners
The Week Recommends The chemistry between off-screen items can work wonders
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement