On the liability side, household debt rose at a 7.9% rate in the second quarter, up from a 6.7% rate in the prior three months. That’s the strongest debt growth since before the 2008 financial crisis.
The numbers: Total U.S. household net worth — the value of all assets minus liabilities — jumped by $5.8 trillion to a record $141.7 trillion at the end of June, according to a report from the Federal Reserve released Thursday.
Balances in currency, checking accounts, savings accounts and money-market funds rose by $200 billion in the second quarter to a record $17 trillion. Cash holdings of households have risen by $4.3 trillion since the beginning of 2020. Businesses tightened their belts in the second quarter. Total domestic nonfinancial company debt rose at a 1.4% annual pace, down from a 4.3% rate in the first quarter.
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