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US household wealth up 1.8 percent

Washington, Sep 26 (IANS) US combined household wealth rose by 1.8 percent in the second quarter of this year, fueled by increases in financial assets and home values, the Federal Reserve reported Wednesday.

US household net worth, the difference between the value of assets and liabilities, rose to $74.8 trillion in the April-June period, about $1.3 trillion higher than the level of the previous quarter, Xinhua reported.

Boosted by the bullish US stock market, household financial assets increased to about $61.9 trillion in the second quarter, roughly up $0.7 trillion from the prior quarter.

The total US household home value also rose about $0.5 trillion to about $18.6 trillion by the end of the second quarter.

Economists believed that increasing household wealth bodes well for consumer spending, the main driver of US economic growth.

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