US household wealth up 1.8% in second quarter
Washington: US combined household wealth rose by 1.8 percent in the second quarter of this year, fuelled by increases in financial assets and home values, the Federal Reserve reported Wednesday.
US household net worth, the difference between the value of assets and liabilities, rose to USD74.8 trillion in the April-June period, about USD1.3 trillion higher than the level of the previous quarter, Xinhua reported.
Boosted by the bullish US stock market, household financial assets increased to about USD61.9 trillion in the second quarter, roughly up USD0.7 trillion from the prior quarter.
The total US household home value also rose about USD0.5 trillion to about USD18.6 trillion by the end of the second quarter.
Economists believed that increasing household wealth bodes well for consumer spending, the main driver of US economic growth.