{"id":10249,"date":"2023-09-11T19:54:00","date_gmt":"2023-09-11T19:54:00","guid":{"rendered":"https:\/\/prosfunds.com\/business\/americans-have-never-been-wealthier\/"},"modified":"2023-09-11T19:54:00","modified_gmt":"2023-09-11T19:54:00","slug":"americans-have-never-been-wealthier","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=10249","title":{"rendered":"Americans have never been wealthier"},"content":{"rendered":"
\n

\n Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year, according to federal data.\n <\/p>\n

\n Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings.\n <\/p>\n

\n Household and nonprofit net wealth increased by $5.5 trillion, or 4%, between the end of March and the end of June, Federal Reserve data released on Friday showed. This follows an increase of $3 trillion during the first three months of the year. The data is not adjusted for inflation.\n <\/p>\n

\n This bump in wealth was driven mostly by a surge in the value of Americans\u2019 stock market investments, which grew by $2.6 trillion during the quarter. Real estate holdings, including the value of homes, increased by $2.5 trillion.\n <\/p>\n

\n Household wealth now stands about $2 trillion above the prior record of $152 trillion set in early 2022 \u2014 which should give consumers a cushion to weather future economic storms and a potential uptick in unemployment.\n <\/p>\n

\n Surging inflation prompted the Fed to spike interest rates beginning in March 2022 at the fastest pace in four decades. Those rate hikes rocked financial markets, crushing the value of stock holdings, cooling the housing market and raising the specter of a recession.\n <\/p>\n

\n \u201cEven with the recent gain, wealth is little changed over the past year, limiting its contribution to spending,\u201d economists at Moody\u2019s Analytics wrote in a report on Friday. \u201cFurther, volatility in wealth since the onset of the pandemic will remind households of the fragility of any gains.\u201d\n <\/p>\n

\n The stock market has rebounded in tandem with the US economy. Goldman Sachs recently cut its view on the probability of a US recession over the next 12 months to just 15%, down from 35% earlier this year. There are rising hopes of a soft landing, where inflation is tamed but a recession is avoided.\n <\/p>\n

\n \u201cI am feeling very good about that prediction,\u201d Treasury Secretary Janet Yellen told Bloomberg News on Sunday when asked about the prospects of a soft landing. \u201cI think you\u2019d have to say we\u2019re on a path that looks exactly like that.\u201d\n <\/p>\n

\n Despite the economy\u2019s improving fortunes, the public is not giving the White House credit.\n <\/p>\n

\n A staggering 58% of the public says President Joe Biden\u2019s policies have made economic conditions in the United States worse, according to a CNN poll released last week. That\u2019s up from 50% last fall.\n <\/p>\n

\n Similarly, 63% of voters don\u2019t like how the president has handled inflation, according to a Wall Street Journal poll published Monday.\n <\/p>\n

\n And there are signs that some Americans are struggling to get by.\n <\/p>\n

\n Just as wealth hit a record high during the second quarter, credit card debt surpassed $1 trillion for the first time ever, the New York Federal Reserve found.\n <\/p>\n

\n New credit card and car loan delinquencies have exceeded pre-Covid levels, with Macy\u2019s sounding the alarm on a spike in customers who are failing to make credit card payments.\n <\/p>\n

\n JCPenney CEO Marc Rosen recently told CNN that his company\u2019s core customers \u2014 working-class families \u2014 are increasingly relying on credit cards, falling behind on bills and shifting to cheaper private label brands.\n <\/p>\n

\n \u201cOur customers are America\u2019s working families. They\u2019re the teachers teaching our kids in schools, the construction workers building our homes and medical workers taking care of us,\u201d Rosen said. \u201cAnd that customer is facing a tougher economic environment.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year, according to federal data. Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings. Household and nonprofit net wealth increased by $5.5 […]<\/p>\n","protected":false},"author":1,"featured_media":10250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-10249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nAmericans have never been wealthier | Prosfunds<\/title>\n<meta name=\"description\" content=\"Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=10249\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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