US Household Wealth Up $1.7-T, Another Record Under President Trump
The wealth of US households rose to $96.2-T in Q-2 of this year, as US stock prices hit record highs and home values continued to climb, a report by the Fed showed Thursday.
That compares to a downwardly revised $94.5-T tally for household net worth in the prior Quarter.
Household borrowing rose at a 3.7% annual rate in the April-June frame, the report also showed, up from a 3.4% growth rate in Q-1.
Consumer credit increased 4.6%, down from 5.2% the prior Quarter.
Growth in mortgage debt slowed slightly to a 2.8% annual rate from 3.4% in the prior Quarter.
The United States is currently in its 9th year of economic growth, the 3rd-longest stretch of expansion since World War II.
The unemployment rate stands at 4.4%, near the level many economists view as near full employment.
Stocks have more than regained their losses since the 2007-2009 financial crisis and recession.
The DJIA stands at record highs posting 7 fresh highs in the last 2 weeks currently trading neat 22,400.
The S&P 500 (SPY) is at all-time highs, with a YTD total return, including reinvested dividends, of around 13%
The NAS Comp is also at a record and has delivered about a 20% return since the beginning of the year.
In the Fed’s report, liquid assets held by non-financial firms were $2.26-T Vs a revised $2.19-T in the prior Quarter.
The FOMC held rates steady Wednesday, indicating confidence in the US economy by announcing it will begin in October to pare its $4.2-T bond portfolio amassed in the wake of the Great Recession of 2007-2009.
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