US personal income growth highest ever last year on stimulus

Ruben Onsu

Americans earned an additional $1.1 trillion last year — the most ever in data dating back to 1930 — thanks entirely to stimulus checks and other government aid. Total U.S. personal income rose 6.1 percent last year to $19.7 trillion as a surge in pandemic-era aid outpaced gains in wages, […]

Americans earned an additional $1.1 trillion last year — the most ever in data dating back to 1930 — thanks entirely to stimulus checks and other government aid.

Total U.S. personal income rose 6.1 percent last year to $19.7 trillion as a surge in pandemic-era aid outpaced gains in wages, property values and other sources of wealth, according to the U.S. Bureau of Economic Analysis.

The dollar amount of so-called transfer receipts, which include COVID-19 relief payments, steered income growth in 26 states while increases in other types of personal income led in 25 including the District of Columbia, the preliminary estimates show.

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