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US Personal Income Growth Accelerates in AprilU.S. consumers earned more income, saved more money, and spent less in April, new U.S. government data show. Personal income rose by 0.8 percent, or $210.1 billion, to $25.858 trillion in April, according to the Bureau of Economic Analysis. This was up from the upwardly adjusted 0.7 percent jump in March.
Last month’s reading represented the largest month-over-month increase since May 2021 and far exceeded the consensus estimate of 0.3 percent.
The sizable jump was fueled by a 2.8 percent surge in personal current transfer receipts—money not tied to wages or active work, such as government social benefits—up from a 1.1 percent increase in the previous month. Employee compensation rose by 0.5 percent, led by equal gains in private wages and salaries. Wages and salaries in goods-producing industries declined by $3.1 billion, while wages and salaries in services-producing sectors soared by $53.1 billion. ( More)
Energy Department Cancels $3.7 Billion in Biden-Era Green Energy AwardsThe Department of Energy has canceled 24 Biden-Era energy projects worth nearly $3.7 billion, citing concerns over financial viability, insufficient return on taxpayer investment, and a failure to meet the energy needs of Americans.
Energy Secretary Chris Wright announced the decision on Friday, describing the awards as hastily approved in the final days of the Biden administration and misaligned with the Trump administration’s energy and economic priorities.
The terminated awards include high-dollar carbon capture and industrial decarbonization projects involving firms such as ExxonMobil, Calpine, Heidelberg Materials, and Kraft Heinz. Sixteen of the 24 awards were signed between Election Day 2024 and Inauguration Day 2025. The rescinded projects span a range of industries and regions, including glass manufacturing facilities in Ohio, carbon capture efforts in Texas and California, and decarbonization initiatives at food production sites nationwide. The largest award canceled was a $500 million grant to Heidelberg Materials for a carbon capture project in Louisiana. (More)
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