Government Stimulus Boosts Incomes in May
Inflated by billions of dollars of economic stimulus payments by the government, after-tax personal incomes surged 5.7% in May, the largest gain in 33 years, the Commerce Department reported. The increase reflected $48.1 billion in tax rebate payments made in May, which helped boost consumer spending by 0.8%, the biggest gain since last November. The rebate checks are part of a $168 billion package of tax relief for individuals and businesses that Congress passed in February in an effort to give the economy a boost and stave off a recession. The payments began on April 28 and are scheduled to be completed by mid-July. For May, overall incomes rose by 1.9% after a 0.3% increase in April. Part of that increase reflected the portion of the stimulus payments that are going to low-income individuals. But the bigger impact showed up in after-tax incomes, which reflected the bulk of the stimulus payments, which represent a tax break for most households. On the spending side, excluding the effect of rising gasoline and other price increases, inflation-adjusted spending rose by 0.4% in May.
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Date Last Updated: 07/08/2008 |
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Charter Capital services many industries. Here are just a few of the industries
we are currently financing:
Trucking and Freight
It has never been easier for trucking companies and freight brokers to get cash
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Technology Staffing Firms
Service providers such as technology
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for bank loans. We are always adding new industries and will consider factoring
service providers in any industry.
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