U.S. households’ net wealth reached $57.86 trillion in the second quarter of this year, up 2.12% from $56.65 trillion in the first quarter, Reuters reports, citing data from the Federal Reserve.
The nation’s total debt rose 7.1% to $29.88 trillion, slower than the 7.9% increase in debt in the first quarter. The Federal Reserve said it slowed because the federal government’s debt fell by 1.4 percentage points after rising 6.4% in the first quarter.
The Federal Reserve also said that U.S. households’ mutual fund assets rose 6.9% to $5.13 trillion.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.