The US Federal Reserve is reporting that US household net worth fell to $151 trillion in Q3 2023:
- The net worth of households and nonprofits decreased to $151.0 trillion in the third quarter of 2023.
- The value of corporate equities (directly and indirectly held) fell by $1.7 trillion,
- Real estate values increased by $0.5 trillion.
- Domestic nonfinancial debt outstanding was $73.0 trillion at the end of the third quarter, with household debt at $19.8 trillion, nonfinancial business debt at $21.2 trillion, and total government debt at $32.0 trillion.
- The growth rate of domestic nonfinancial debt slowed to 5.2 percent annually in the third quarter of 2023, down from 6.3 percent in the previous quarter.
- Household debt grew by 2.5 percent annually in the third quarter. Within this, consumer credit grew at a rate of 1.1 percent, and mortgage debt (excluding charge-offs) increased by 2.5 percent annually.
- Nonfinancial business debt rose at a slower annual rate of 1.5 percent in the third quarter, compared to 1.8 percent in the preceding quarter.
- Federal government debt's growth rate decreased to 10.6 percent annually in the third quarter, from 12.7 percent in the previous quarter.
- State and local government debt saw a contraction at an annual rate of 0.3 percent in the third quarter, following a 2.8 percent expansion in the previous quarter.
In Q2, the household net worth was reported at $152.3 trillion. The decline this quarter snapped a three-quarter rise.
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