US household net worth US$96.9 tril in 3Q 2017

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WASHINGTON (Dec 7): Rising stock and real estate prices drove US household wealth to US$96.9 trillion in the third quarter of this year, a report by the Federal Reserve showed on Thursday.

That compares to a downwardly revised US$95.2 trillion net worth for households in the previous quarter.

Household borrowing rose at a 3.7 percent annual rate in the July-September period, the report also showed, slightly down from a 3.8 percent growth rate in the second quarter.

Consumer credit increased 4.9 percent, up from 4.7 percent in the second quarter.

Growth in mortgage debt increased to a 2.7 percent annual rate from 3 percent in the prior period.

The US economy is in its third-longest period of growth since World War Two. The US stock market has reached record highs and the unemployment rate is currently at 4.1 percent, near a 17-year low.

Elsewhere in the US central bank's report, liquid assets held by non-financial firms were US$2.36 trillion versus a revised US$2.3 trillion in the April-June period.

The Fed is widely expected to raise interest rates for the third time this year at its policy meeting next week.