Apr 30, 2021 - Economy

Household income grew by record 21% in March

picture of people with shopping bags

Photo: David Paul Morris/Bloomberg via Getty Images

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

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