The White House is celebrating a significant rise in Americans’ personal income, highlighting a 0.8% increase in April—nearly triple the forecasted 0.3%. This marks the strongest month-over-month gain since May 2021, according to CNBC.
The U.S. Bureau of Economic Analysis reported that personal income rose by $210.1 billion in April, with disposable personal income increasing by $189.4 billion. Despite this, consumer spending growth slowed to 0.2% in April from 0.7% in March, indicating cautious spending habits among Americans.
The increase in income was primarily driven by government social benefits and compensation. Personal savings also rose, with the personal saving rate reaching 4.7% and total savings at $1.12 trillion.
While the administration highlights these figures as evidence of economic strength, the reliance on government benefits and the slowdown in consumer spending suggest underlying concerns about the economy’s stability.
