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US household incomes last month surged by the most on record, boosted by a fiscal stimulus that also drove a sharp increase in spending, laying the groundwork for strong economic growth in the second quarter. Americans have been able to loosen their purse strings thanks in part to two stimulus packages: a $900b deal approved in December and a further $1.9t package enacted last month.
“This puts consumption — and likely GDP — on track for double digit growth in the second quarter,” said Aneta Markowska, chief economist at Jefferies. “While stimulus payments are largely behind us, the savings rate jumped to 27.6 per cent in March, which will continue to support spending in the coming months.”
https://www.ft.com/content/b9ed031d-0b0e-4d42-a272-442ad41bc66b?shareType=nongift
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