HOUSEHOLD NET WORTH RISES $1.92 TRILLION IN Q3
American household net worth rose $1.92 trillion in Q3, according to the latest data from the Federal Reserve's quarterly flow of funds report.
Rising wealth was spurred by a 2.0% increase in the value of tangible assets (household real estate value rose 2.3% and the value of consumer durables rose 0.7%) and a 2.4% increase in the value of financial assets (deposits rose 1.2%, credit market instruments fell 1.8%, corporate equities rose 5.6%, mutual fund shares rose 4.7%, pension fund reserves advanced 1.9%, and equity in noncorporations rose 2.2%).
On the other side of the balance sheet, household liabilities rose 0.9%, driven by a 0.1% rise in mortgages and a 2.4% expansion in consumer credit.
The change in household net worth in Q2 was revised up to $1.36 trillion from $1.34 trillion.
More to come...