2021.02.2612:39:00UTC+00U.S. Personal Income Spikes 10.0% In January

Reflecting an increase in government benefits in response to the COVID-19 pandemic, the Commerce Department released a report on Friday showing U.S. personal income skyrocketed in the month of January.

The Commerce Department said personal income spiked by 10.0 percent in January after rising by 0.6 percent in December. Economists had expected personal income to soar by 9.5 percent.

The report also showed a significant rebound in personal spending, which surged up by 2.4 percent in January after falling by a revised 0.4 percent in December.

Economists had expected personal spending to jump by 2.5 percent compared to the 0.2 percent dip originally reported for the previous month.