Chart: US Personal Incomes Actually Rose in April

Unemployment has skyrocketed. The economy has tanked. Yet personal income rose in April.

Personal income include all sources of income (including employment and government sources). So while wages fell due to rising unemployment, government benefits more than offset that decline resulting in the rise in personal incomes. Essentially, government benefits kept people (in aggregate) whole.

However, with lock-downs in place, expenditures (specifically consumption) dramatically slowed. As a result, the personal savings rate jumped to 32% in April!

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