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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (7782)	6/10/2004 2:06:31 PM
From: Kenneth E. Phillipps	Respond to of 116555

Household wealth hits $45.2 trillion U.S. household sector hits record high on rising real estate, mutual fund values, borrowing up 8.6%. June 10, 2004: 12:51 PM EDT WASHINGTON (Reuters) - U.S. household wealth grew to a record-high $45.2 trillion in the first quarter of 2004, boosted by rising real estate and mutual fund values, the Federal Reserve said Thursday. In its quarterly "Flow of Funds" report, the Fed said household balance sheets rose $665.5 billion over an upwardly revised $44.5 trillion figure for the fourth quarter of 2003, despite a dip in the value of corporate equities. The net worth data is not adjusted for seasonal variations. Total borrowing in the United States, excluding the financial sector, rose at a seasonally adjusted 8.6 percent annual rate in the first quarter, up from a revised 6.4 percent rise in 2003's final quarter. The Fed said the pickup in domestic nonfinancial debt mainly reflected faster borrowing by the household sector as well as federal, state and local governments. The total level of nonfinancial debt outstanding at the end of the first quarter was $22.781 trillion, it said. Household debt grew at an annual rate of 10.9 percent in the first quarter of 2004, after having expanded at a 7.3 percent page in the previous quarter. The Fed said mortgage borrowing and consumer credit contributed to the rise. From CNN/Money