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U.S. household wealth jumped USD5.9 trillion to a record USD141.7 trillion through the second quarter, a report from the Federal Reserve showed on Thursday, suggesting continued room for economic growth.
The increase came on rising equity markets, adding USD3.5 trillion to household assets in the second quarter. Rising real estate values added USD1.2 trillion, according to the U.S. central bank's latest quarterly report on household, business and government financial accounts. Overall U.S. household wealth has risen USD31.1 trillion since March last year and USD10.9 trillion since the end of 2020.
Household debt rose in the second quarter at an annualized rate of 7.9% compared to a 6.7% rise in the first quarter, as consumer credit and home mortgage borrowing accelerated. Non-financial business borrowing cooled, growing at a 1.4% annualized rate, down from a 4.3% pace in the previous quarter.