Household Wealth in U.S. Rose in Second Quarter on Real Estate

Household wealth in the U.S. climbed in the second quarter, a sign consumers will help growth in the world’s largest economy.

Net worth for households and non-profit groups increased by $694.8 billion from April through June, or 0.8 percent from the previous three months, to $85.7 trillion, the Federal Reserve said Friday from Washington in its financial accounts report, previously known as the flow of funds report.

Americans’ finances last quarter got a boost from rising property values and a strong job market that is sustaining their spending, which makes up about 70 percent of the economy. Low borrowing costs are also a help, with Fed policy makers deciding Thursday to keep interest rates near zero amid market turmoil, global risks and slow inflation at home.