Household income grew by record 21% in March
Household income grew by a record 21.1% in March thanks largely to the Biden administration's coronavirus aid.
Why it matters: "The strong gains provided more evidence that the economy is poised for a robust recovery following last year’s pandemic-triggered recession," AP reports.
The big picture: As the U.S. vaccine rollout continues to help bring the pandemic under control, more sectors of the economy are reopening and turbo-charging the country's economist recovery.
- Consumer spending increased by 4.2% in mid-March, likely due to stimulus checks and other aid from President Biden's $1.9 trillion relief package, per the The Wall Street Journal.
Go deeper: Here comes the reopening boom