US Economy

US household net worth creeps to record high

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U.S. household net worth nudged up 2 percent to a record high $81.8 trillion in the first quarter as the stock market continued its upward climb and property values rose, data from the Federal Reserve showed on Thursday.\

The S&P 500 rose 1.4 percent in the first quarter as the Fed continued with a highly accommodative monetary policy for a recovering U.S. economy. For the year to date, the S&P is up 5 percent, and hit a new intraday record high on Thursday.

U.S. household debt also rose 2 percent in the first quarter, excluding charge-offs of home mortgages. Net originations of home mortgages continued to be weak, according to the Fed.

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Credit market borrowing by non-financial sectors, both domestic and foreign, fell 10 percent to $2.32 trillion in the January-March period.

Total liquid assets for non-financial corporations fell 5 percent to $1.85 trillion.

— By Reuters