US household wealth increases

U.S. household net worth jumped $1.3 trillion in the spring, fueled by gains in home and stock values, the government reported Wednesday. The Federal Reserve (Fed) said net worth rose to $74.8 trillion in the April-June quarter, up 1.8 percent from the first quarter. Home prices and stock markets have risen further since then, indicating that U.S. household net worth is now higher. In the second quarter, home values rose $525 billion, and stock and mutual-fund portfolios rose $300 billion. Consumers took on slightly more debt, mostly in the form of auto and student loans. Credit-card debt also rose slightly. U.S  household net worth fell to a low of $57.2 trillion in 2008 during the Great Recession. It has since risen $17.6 trillion. Household wealth is the value of assets like homes, stocks, and bank accounts minus debts like mortgages and credit cards.