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Economy in Brief
French Retail Sales Rebound In June But Do Not Convince
French retail sales rebounded in June after falling for two consecutive months...
U.S. CPI Increase Moderates; Core Price Gain Steadies
Inflationary pressures moderated last month...
U.S. Government Budget Deficit Widens This Year
The U.S. Treasury Department reported that during the first nine months of fiscal year 2018, the federal government budget deficit totaled $607.1 billion...
U.S. Initial Unemployment Insurance Claims Fall
Initial claims for unemployment insurance dropped to 214,000 during the week ended July 7...
EMU IP Makes Strong May Gain
EMU industrial output expands in all sectors in May...
by Tom Moeller September 21, 2005
In 2Q, the net worth of the US household sector improved 1.9% (9.4% y/y) to a record $49.8 trillion. The gain lifted net worth not to a historical high versus income, but the highest in four years (5.5 times).
Household sector asset values rose 9.7% y/y due to a 13.8% rise in the value of real estate holdings. Financial asset values rose 7.1%, still half the gain in 2003 and held back by higher interest rates which reduced the growth in Treasury security holdings to a negative 2.2% y/y. Money market share values also fell by 4.8%. Higher prices in the stock market helped lift the value of mutual fund shares by 14.0% but the value of corporate equities held directly fell 1.9%.
Growth in total credit market debt outstanding moved slightly higher to 8.5% y/y. Growth in the federal government debt slowed a bit to 7.3% y/y but US household debt growth continued strong at 10.6% y/y while non-financial corporations debt grew a faster 6.9% y/y.
| Flow of Funds | % of Total | 2Q 05 (AR) |
1Q 05 (AR) |
2004 |
2003 |
2002 |
|---|---|---|---|---|---|---|
| Total Credit Market Debt Outstanding | 7.9% | 7.3% | 8.2% | 8.9% | 7.7% | |
| Federal Government | 12% | -3.7% | 15.9% | 9.0% | 10.9% | 7.6% |
| Households | 28% | 10.6% | 9.7% | 11.1% | 10.4% | 9.8% |
| Nonfinancial Corporate Business | 14% | 7.3% | 6.4% | 4.8% | 3.3% | 0.6% |
| Financial Sectors | 32% | 9.0% | 4.7% | 7.3% | 10.3% | 9.2% |
| Net Worth: Households & Nonprofit Organizations (Trillions) | $49.8 | $48.9 | $48.3 | $44.1 | $39.1 | |
| Tangible Assets | $23.9 | $23.2 | $22.5 | $20.0 | $18.4 |
