In April 2021, real disposable income was $16,519,435 (millions of USD, SAAR). This was down 4.4% from one year ago when stimulus checks were. Although, April 2020 was the second-highest level of reap disposable income ever. And, April 2021 was still the fourth-highest level of real disposable income ever. While disposable income was still historically high, the stimulus effect is starting to wear off, especially as many states have or are moving to eliminate extended unemployment benefits due to economic lockdowns.

The annual rate of growth in real disposable income decelerated to 7.8% in April. This was still more than double the historic average growth rate. Unless there is more stimulus, then real disposable income likely had its peak rate of growth in March. And, without further stimulus to boost disposable income, it is likely that consumer spending will take a significant hit.