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.
People ride bikes past closed stores at Times Sqaure in New York City, the United States, May 29, 2020. (Xinhua/Wang Ying)
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.
