U.S. consumers earned more income, saved more money, and spent less in April, new U.S. government data show.
According to the Bureau of Economic Analysis, personal income rose by 0.8 percent, or $210.1 billion, to $25.858 trillion in April. This was up from the upwardly adjusted 0.7 percent jump in March.
Last month’s reading represented the largest month-over-month increase since May 2021 and far exceeded the consensus estimate of 0.3 percent.
The sizable jump was fueled by a 2.8 percent surge in personal current transfer receipts—money not tied to wages or active work, such as government social benefits—up from a 1.1 percent increase in the previous month….