Company News

Federal aid, stocks rebound pushed household net worth to pre-pandemic levels in Q2, Fed says

WASHINGTON, Sept 21 (Reuters) - The net worth of U.S. households rebounded to pre-coronavirus levels in the second quarter as rebounding stock markets and a gusher of federal payments swelled individual portfolios and savings accounts, the Federal Reserve reported on Monday.

The U.S. central bank’s latest quarterly look at wealth and income flows showed household wealth had hit $118.9 trillion as of the end of the April-June period, a $7.6 trillion jump from the prior quarter and above the $118.5 trillion from the last quarter of 2019.

That included a $760 billion increase in savings among households and non-financial businesses, many of whom received enhanced unemployment benefits or federal loans to help offset the impact of the pandemic. (Reporting by Howard Schneider Editing by Paul Simao)