WASHINGTON (AP) — Buoyed by higher stock prices, Americans’ household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending.
The Federal Reserve says that U.S. stock and mutual fund portfolios jumped $1.3 trillion in value in the January-March quarter. Home values rose $499 billion.
Total household wealth includes checking and savings accounts, and subtracts mortgages and other debt. Unlike some other economic measures, household wealth has fully recovered from the Great Recession and gone far beyond pre-recession levels.
U.S. household net worth stood at $66.5 trillion at the end of 2007, when the downturn began. It fell to $56 trillion in 2008 before slowly recovering. The figures aren’t adjusted for inflation.