US personal income declines 7.1% in February: govt

Washington (AFP) – US personal income plunged 7.1 percent in February as the effect of stimulus checks approved late last year faded, the Commerce Department said on Friday. The data was in line with analysts expectations, but nonetheless a significant change from the upwardly revised 10.1 percent income growth in January, when consumers were receiving checks intended to encourage spending amid the pandemic downturn. “The decrease in personal income in February was more than accounted for by a decrease in government social benefits to persons,” the Commerce Department said, adding that pandemi…

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