Economic news
U.S. household wealth declines for first time in 2 years in 1st quarter
2022.06.09 19:30
FILE PHOTO: U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic
(Reuters) – U.S. household wealth declined for the first time in two years in the first quarter of 2022, edging down to $149.3 trillion as a drop in the stock market outweighed further gains in home values, a Federal Reserve report on Thursday showed.
Still, the report showed household balance sheets overall remained healthy through the first three months of the year – well above pre-pandemic levels – and looked likely to continue to support strength in consumer spending in the face of high inflation.
