Economics
U.S. Household Net Worth Rose to Fresh Record in Third Quarter
- Increase to $123.5 trillion reflects stock market advance
- Business debt shrank, while consumer borrowing increased
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Household net worth continued to increase in the third quarter, hitting a fresh all-time high as the upward trend in stocks boosted Americans’ wealth and offset a pullback in savings.
Household net worth increased by $3.8 trillion, or 3.2%, to $123.5 trillion in the July to September period, according to a Federal Reserve report out Thursday. Meanwhile, household debt increased at an annual rate of 5.6%, driven by the biggest quarterly increase in mortgage debt since 2007, according to data compiled by Bloomberg.