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Home >> Business
UPDATED: 15:59, December 10, 2005
US household net worth up to new record high in third quarter
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The net worth of US households increased by 2.6 percent to a record 51.1 trillion dollars in the third quarter of this year, the Wall Street Journal reported on Friday.

The journal quoted a report by the US Federal Reserve (Fed) as saying that it was up from 49.8 trillion dollars in the second quarter, also a record high at that time.

It was the 12th straight quarterly increases of the US household net worth, which measures household assets minus liabilities.

US household net worth has risen because the value of household assets, such as stock holding and the value of homes themselves, has increased faster than household debts including mortgage.

Analysts said that the rising of household wealth meant US consumer spending, the major engine of the US economic growth, will likely stay robust in 2006.

Source: Xinhua

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