While unemployment has remained stubbornly above pre-pandemic levels, record highs in the stock market have pushed the net worth of all households in the U.S. to a new high, despite the fast growth in household debt.The net worth of households in the United States climbed to $123.
Meanwhile, household debt, which includes mortgages, credit card debt and personal loans, jumped at an annual rate of 5.6% in the third quarter, reaching $16.4 trillion; that's the fastest growth this decade, beating out a 3.9% increase in 2017. Business debt fell 0.9% to $17.5 trillion in the third quarter, while federal government debt jumped 9.1% to $26 trillion.“We’ve seen home prices rise, market prices for tradable instruments rise and savings increase... but those gains skew to upper income people," KPMG Chief Economist Constance Hunter“It’s a vicious cycle," she added of the pandemic's disparate impact on lower-income Americans.
in March and April, just 22% of Americans making less than $40,000 annually said they owned any stocks, compared to 84% of people making at least $100,000 per year.There were 10.9 million unemployed people in the country last month, when the U.S. economy added a much lower-than-expected 245,000 jobs, according to data released by the Bureau of Labor Statistics last week. The number of unemployed people in the U.S.
more than three times higher than it was before the pandemic, during which 22 million Americans have been forced into unemployment.
So does this imply we’re great again?
Some households are more equal than others
I love how America's net worth can peak during a massive economic downturn. Shows you how disconnected the stock market is from ordinary people's reality.
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Source: CNBC - 🏆 12. / 72 Read more »