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Household net worth rose to $94.8 trillion in first quarter 2017
June 8, 2017 / 4:07 PM / 5 months ago

Household net worth rose to $94.8 trillion in first quarter 2017

WASHINGTON (Reuters) - A rise in the value of equities and real estate pushed the net worth of U.S. households higher in the first quarter of this year, a report by the Federal Reserve showed on Thursday.

FILE PHOTO -- A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. REUTERS/Larry Downing/File Photo

Household net worth rose to $94.8 trillion over the quarter, up from a slightly downwardly revised $92.5 trillion in the fourth quarter of 2016.

Household borrowing rose at a 3.2 percent annual rate in the January-March period, the report also showed, down from a 3.9 percent growth rate in the fourth quarter of 2016. Consumer credit grew 5 percent while mortgage debt grew at a 3 percent annual rate.

Liquid assets held by non-financial firms was $2.21 trillion versus a revised $2.17 trillion in the previous quarter.

The U.S. central bank is widely expected to raise interest rates by a quarter percentage point to a target range of 1 percent to 1.25 percent at its policy meeting next week. That would be the second rate increase this year.

Reporting by Lindsay Dunsmuir; Editing by Paul Simao

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