US household wealth declines for first time in 2 years in Q1

Washington, USA | Xinhua | U.S. household wealth declined for the first time in two years in the first quarter this year, edging down to 149.3 trillion U.S. dollars, Reuters reported.

The U.S. Federal Reserve on Thursday released figures on the financial health of U.S. households in a report for the first quarter this year, the report said.

The decline of U.S. household wealth was due to a drop in the stock market, which outweighed further gains in home values, the Federal Reserve report showed.

U.S. stock markets have continued weakening into the second quarter over concerns about a surge in inflation to 40-year highs, the report said.

The decline suggests American’s wealth likely took another hit from the start of April onward, the report added. ■