Household income surged in April despite the collapsing labor market

CARES Act benefits worked really well.

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Personal income in the United States soared by 10.5 percent in April, according to new data released Friday morning by the Commerce Department’s Bureau of Economic Analysis, even as consumer spending fell by 13.6 percent.

That adds up to a tremendous and unprecedented surge in the household savings rate as Americans, on average, had more cash on hand but fewer things they wanted to spend it on.