Rising real estate prices helped drive US household wealth to $113.8-T in the July through October frame, a report by the Fed showed Thursday.
That compares to an downwardly revised $113.3-T net worth for households in Q-2 of Y 2019, the Fed said.
The US economy is experiencing its longest expansion on record and households and households are benefiting from unemployment near a 50-year low.
Wednesday, the Fed kept interest rates unchanged after cutting them 3X this year and reiterated it now plans to keep rates where they are for the foreseeable future. The Fed reduced borrowing costs this year to boost the economy in the face of slowing global growth and the ongoing US-China trade dispute.
Household borrowing rose at a 3.3% annual rate in Q-3, according to the Fed’s report, down from an unrevised 4.3% growth rate in Q-2 of the year.
Elsewhere in the Fed’s report, liquid assets held by non-financial firms were $4.7-T Vs a revised $4.4-T in the April-June frame
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