Bloomberg – Michelle Jamrisko
Household wealth in the U.S. jumped to a record in the first quarter, exceeding its pre-recession peak for the first time, bolstered by gains in the stock and housing markets that are helping Americans mend finances.
Net worth for households and non-profit groups increased by $3 trillion from January through March, or 4.5 percent from the previous three months, to $70.3 trillion, the Federal Reserves aid today from Washington in its financial accounts report, previously known as the flow of funds survey. Household wealth eclipsed its pre-recession level as gains in the stock and housing markets help Americans withstand an increase in the payroll tax this year. Lending rates kept low by the Federal Reserve, coupled with further gains in employment, may continue to repair balance sheets and support consumer spending that makes up about 70 percent of the economy.