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Friday, September 16, 2016

Household Net Worth Up, Savings Rate Down, in Second Quarter

Household net worth rose in the second quarter of 2016 to $89.1 trillion, a 1.2% increase from the previous quarter and a 3.1% increase from a year earlier.


Household nonfinancial assets increased 1.7% during the second quarter, Most of this increase came from real estate holdings, which grew by $473.9 billion. Growth in wealth derived from consumer goods increased by $45.5 billion, compared to a $65.1 billion increase in the first quarter.

Household and non-profit holdings of financial assets increased 1.0% from the previous quarter. The increase was largely due to an increase in corporate equities, which increased 2.3% ($328.0 billion). Household debt increased at an annual rate of 4.4% in the second quarter, as consumer credit increased 6.4%. Mortgage debt grew at a 2.5% annual rate. The household savings rate slipped to 5.7% in the second quarter, down from 6.1% in the first quarter.

Federal government debt increased at a rate of 5.0% in the second quarter of 2016. State and local government debt rose at a rate of 2.2% in the second quarter, up from 0.8% in the previous quarter.

Read the Federal Reserve release.
Visit Banks and the Economy.

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