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U.S. Personal Income Skyrockets 21.1% In March

Reflecting the distribution of another round of stimulus checks, the Commerce Department released a report on Friday showing U.S. personal income skyrocketed in the month of March.

The Commerce Department said personal income soared by 21.1 percent in March after plunging by a revised 7.0 percent in February.

Economists had expected personal income to spike by 20.3 percent compared to the 7.1 percent slump originally reported for the previous month.

The report also showed personal spending jumped by 4.2 percent in March following a 1.0 percent decrease in February. Personal spending was expected to surge up by 4.1 percent.

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