Forty percent of households who said that they received the payment reported having spent it.

Forty percent of households who said that they received the payment reported having spent it - approximately twice the spending rate recorded in surveys assessing the 2001 and 2008 tax rebates in the US, according to this report.

Using an approach for converting spending rates into an aggregate marginal propensity to consume (MPC), this is consistent with an aggregate MPC of 0.41-0.42. Since this estimate is based only on first-quarter spending, it may be an underestimate of the longer-run impact of the package on consumer expenditure.