That Sound You Hear Is All The Americans Spending Money Because Household Net Worths Skyrocketed To Record Highs
Americans’ net worth reached roughly $100 trillion in the fourth quarter of 2017 as a result of a booming stock market and rising property values.
Household net worth, which is the total value of all assets minus liabilities, ballooned in excess of $2 trillion in the fourth quarter of 2017 to a record-setting $98.746 trillion, The Wall Street Journal reports. Household network exceeded disposable income nearly seven times over to levels not seen since before the 2007-2009 Great Recession.
The stock market spent 2017 making and breaking records on a near weekly basis. The S&P 500 grew 19 percent and the Dow Jones Industrial Average rose 25 percent in 2017. Market capitalization skyrocketed in the trillions. American household wealth in the stock market grew over $1 trillion.
U.S. housing prices grew 1.9 percent in the fourth quarter. Household debts grew 5.2 percent, increasing over $206 billion.
The U.S. economy added 313,000 jobs in February, marking the 89th consecutive month of job growth on to what is already the longest streak on record.
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