WASHINGTON – U.S. household wealth grew to a record-high $45.153 trillion in the first quarter of 2004, boosted by rising real estate and mutual fund values, the Federal Reserve (search) said Thursday.
In its quarterly "Flow of Funds (search)" report, the Fed said household balance sheets rose $665.5 billion over an upwardly revised $44.488 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 ra borrowing and consumer credit contributed to the rise.
Consumer credit rose at a 6.1 percent annual rate, up from a 2.8 percent growth rate in the fourth quarter.
Net issuance of corporate bonds and commercial paper was stronger in the first quarter than the end of 2003, while mortgages, bank loans and other types of loans were somewhat weaker, according to the report.