US household wealth tops US$100t for first time
[WASHINGTON] US household wealth topped the US$100 trillion mark for the first time ever in the first quarter of 2018, the US Federal Reserve said on Thursday.
Rising US house prices, a market suffering a long-term shortage, pushed up the net worth of households even as stock markets were roiled by volatility.
The Fed said the net worth of the nation's households and nonprofits rose to US$100.8 trillion in the first three months of the year, up from US$99.7 trillion the previous quarter.
Real estate prices rose by US$500 million from the previous quarter.
Growth in annual household debt slowed to 3.3 per cent between January and March, down from 4.6 per cent at the end of 2017, when parts of the South were battered by hurricanes and many households were forced to borrow to replace damaged cars and repair flooded property.
Consumer credit increased by 4.2 per cent while real estate loans rose only 2.9 per cent.
Federal government debt shot up by 15.3 per cent after Congress raised a statutory limit on borrowing, a rate not seen since 2010 in the wake of the 2008 financial crisis.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Israel concerned over possible ICC arrest warrants related to Gaza war
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
G7 reaches deal to exit from coal by 2035
US, Britain urge Hamas to accept Israeli truce proposal
Saudi Arabia says economic revamp momentum intact as plans shift
German inflation creeps up to 2.4% in April