U.S. household net worth rose to $89.1 trillion in second quarter: Fed
Shoppers look at merchandise at a Walmart store in Secaucus, New Jersey, November 11, 2015. REUTERS/Lucas Jackson
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WASHINGTON (Reuters) - The net worth of U.S. households increased in the second quarter as a rebound in stock market prices and further gains in real estate values bolstered wealth, a report by the Federal Reserve showed on Friday.
Household net worth increased to $89.1 trillion over the quarter, up from a slightly downwardly revised $88.0 trillion in the previous period.
The S&P 500 <.SPX> has rebounded since faltering from January through mid-February and reached an all-time high in mid August.
Household borrowing rose at a 4.4 percent annual rate, the report also showed, up from 2.7 percent growth in the first quarter of 2016.
Consumer spending has propelled economic growth this year as the nation nears what economists consider full employment. The housing market continues to strengthen too.
However, the U.S. central bank is seen keeping interest rates unchanged next week amid concern that inflation is mired at low levels.
(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)
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