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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Americans saw a big recovery in earnings last month, boosted by a new round of government aid that quickly found its way to retailers, according to government data released on Friday. Personal income surged 21.1 percent in March after falling seven percent in the prior month, "impacted by the continued government response to COVID-19," the Commerce Department said. The $1.9 trillion American Rescue Plan relief measure enacted last month included $1,400 cash payments to most taxpayers while also expanding unemployment benefits and aid to businesses, as well as tax credits meant to fight poverty. With extra cash on hand, personal consumption expenditures rose 4.2 percent or $616 billion in the month, more than recovering from the one percent drop in February, according to the report. The data reflect the reopening economy and Americans' increased willingness to eat out and travel, aided by widespread access to vaccinations. Two-thirds of that increase was spent on goods, led by nondurables like recreational items and hobbies, while spending at restaurants and hotels led the services increase, the report said. Greg Daco of Oxford Economics noted that the increased income "led to an immediate spending splurge, but households were also clairvoyant, with 85 percent of the income flow being saved or used to pay off debt." The data for March were already incorporated into the first quarter GDP report released Thursday, which showed the world's largest economy grew at a 6.4 percent annualized rate. Disposable personal income jumped 23.6 percent in March, which helped drive a 67 percent surge in the first three months of the year -- the biggest increase ever recorded. Meanwhile, the Federal Reserve's preferred inflation measure, the PCE price index, was up 0.5 percent in the month and 2.3 percent year-over-year, the report said. The GDP report showed PCE grew at 3.5 percent annualized in the first quarter. hs/cs
schema:headline	US stimulus fuels sharp rebound in income, spending in March
schema:mentions	Unemployment benefits Clairvoyance Federal Reserve Oxford Inflation Poverty Gross domestic product United States Coronavirus disease 2019 Personal consumption expenditures price index Dacians Splurge United States Department of Commerce
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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