Household net worth jumps $1.7 trillion in third quarter
- Share via
Americans saw their wealth increase by $1.7 trillion in the third quarter ended in September, a promising sign in the thick of the holiday shopping season.
Total household and nonprofit net worth – the difference between the value of assets and liabilities – climbed 2.7% to nearly $64.8 trillion from $63 trillion the previous quarter. A year ago, the gauge was at $58.7 trillion, according to a report Thursday from the Federal Reserve.
Households enjoyed a $301 billion bump in the value of their real estate holdings; the value of stock investments increased as well.
Meanwhile, household debt fell at a 2% annual pace, while mortgage borrowing dropped at a 3% rate. But consumer credit, which includes student and auto loans, increased at a 4.3% annual pace in its eighth straight quarterly increase.
Debt at the local and state government levels stayed flat, but the federal debt rose at a 6.3% annual rate. Total government debt was $14.3 trillion for the quarter.
ALSO:
Household net worth slides 35%, Census Bureau says
One in five households burdened by student debt, a record
High household debt makes recessions, recoveries worse, says IMF
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
