Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Household net worth surged a record $7.6 trillion in the second quarter to its highest level ever, according to Federal ReserveThe gains were mostly fueled by the stock market's rapid bounce-back and relief spending included in March's CARES Act.
New data also shows businesses and the government shouldering the majority of new nonfinancial debt through the pandemic. While household debt climbed by just $17 billion, the government took on roughly $2.9 trillion in debt over the quarter.The net worth of US households surged to a record high in the second quarter as the economy began to stabilize and recover from the coronavirus pandemic.
The quarter's wealth jump was primarily driven by the rallying stock market and the $2.2 trillion CARES Act. Corporate equity gains accounted for more than $5.7 trillion of the leap. Stimulus in the March spending bill, including economic relief checks and expanded unemployment benefits, helped prop up consumer spending and keep small businesses afloat.
The Fed's net worth metric tracks households' difference between assets and liabilities. Assets can range from investment vehicles to savings accounts, while liabilities include mortgage balances and credit card debt.
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