U.S. personal incomes soared in March by the most in monthly records back to 1946, powered by a third round of pandemic-relief checks that also sparked a sharp gain in spending.
The 21.1% surge in incomes followed a 7% decline in February, Commerce Department figures showed Friday. Purchases of goods and services, meanwhile, increased 4.2% last month, the most since June.
The increase in personal spending and incomes provides the economy a solid hand off heading into the second quarter after a robust pace of growth at the start of the year.
Economists projected a 20.3% jump in incomes and