It’s not just the economy that is seeing massive growth. American pocketbooks are also increasing in size thanks to a growing economy and government stimulus, according to the latest data from the Bureau of Economic Analysis. (BEA)
- PERSONAL INCOME jumped 21.1% in March compared to February and disposable income saw an even bigger jump of 23.6%.
- CONSUMER SPENDING was up 4.1% in March reversing the slight decline we saw in February.
Consumer spending makes up 2/3rd’s of the GDP which is why encouraging people to spend is always top of the list when it comes to making policy decisions. Zach Amsel, data analytics director at Earnest, told the Wall Street Journal, “The spending effect was larger this time because the checks were bigger and aligned with economic reopenings.”