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The wringing of hands and the gnashing of teeth. The economy is doomed.
-JF Kerry aka, scarry kerry
WASHINGTON, Sept 16 (Reuters) - U.S. household wealth swelled to a new =
record in the second quarter of 2004, while borrowing outside the =
financial sector grew at a slower pace, the Federal Reserve said on =
Thursday.=20
In its quarterly "Flow of Funds" report, the Fed said household balance =
sheets increased 1.4 percent to $45.907 trillion in the second quarter, =
compared with an upwardly revised $45.270 trillion in the first quarter =
of this year.=20
First-quarter household wealth was initially reported at $45.153 =
trillion, which had been a record high.=20
Much of the increase in household net worth came from rising real estate =
values. The Fed said the market value of household real estate, which =
includes owner-occupied homes, second homes and vacant land, rose 2.9 =
percent to $15.713 trillion in the second quarter.=20
The value of U.S. stocks were nearly steady at $6.066 trillion in the =
second quarter, compared to $6.072 trillion in the first quarter. Mutual =
funds nudged 1.7 percent higher.=20
Total U.S. borrowing, excluding the financial sector, rose at a =
seasonally adjusted 7.7 percent annual rate in the second quarter, =
slightly slower than its upwardly revised 9.1 percent growth in the =
first quarter. First quarter non-financial debt was initially reported =
growing 8.6 percent.=20
The Fed said the slowdown in debt growth was nearly evenly distributed =
across all the major non-financial sectors, including the federal =
government, households, non-financial businesses and local governments.=20
Household debt grew 9.5 percent in the second quarter, cooling somewhat =
from its 11.3 percent expansion in the first quarter. Mortgage debt grew =
11.1 percent in the second quarter compared to 13.1 percent in the first =
quarter.=20
The total level of non-financial debt outstanding at the end of the =
second quarter was $23.220 trillion, in seasonally adjusted terms.=20
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<DIV><FONT face=3DArial size=3D2><STRONG><SPAN style=3D"FONT-SIZE: =
12px">The wringing=20
of hands and the gnashing of teeth. The economy is=20
doomed.</SPAN></STRONG></FONT></DIV>
<DIV><FONT face=3DArial size=3D2><STRONG><SPAN=20
style=3D"FONT-SIZE: 12px"></SPAN></STRONG></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2><STRONG><SPAN style=3D"FONT-SIZE: =
12px">-JF=20
Kerry aka, scarry kerry</SPAN></STRONG></FONT></DIV>
<DIV><FONT face=3DArial size=3D2><STRONG><SPAN=20
style=3D"FONT-SIZE: 12px"></SPAN></STRONG></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2><STRONG><SPAN=20
style=3D"FONT-SIZE: 12px"></SPAN></STRONG></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2><STRONG><SPAN style=3D"FONT-SIZE: =
12px">WASHINGTON,=20
Sept 16 (Reuters) - U.S. household wealth swelled to a new record in the =
second=20
quarter of 2004, while borrowing outside the financial sector grew at a =
slower=20
pace, the Federal Reserve said on Thursday. =
</SPAN><BR><BR></STRONG><SPAN=20
style=3D"FONT-SIZE: 12px">In its quarterly "Flow of Funds" report, the =
Fed said=20
household balance sheets increased 1.4 percent to $45.907 trillion in =
the second=20
quarter, compared with an upwardly revised $45.270 trillion in the first =
quarter=20
of this year. </SPAN><BR><BR><SPAN style=3D"FONT-SIZE: =
12px">First-quarter=20
household wealth was initially reported at $45.153 trillion, which had =
been a=20
record high. </SPAN><BR><BR><SPAN style=3D"FONT-SIZE: 12px">Much of the =
increase=20
in household net worth came from rising real estate values. The Fed said =
the=20
market value of household real estate, which includes owner-occupied =
homes,=20
second homes and vacant land, rose 2.9 percent to $15.713 trillion in =
the second=20
quarter. </SPAN><BR><BR></DIV>
<DIV class=3DAnorm><SPAN style=3D"FONT-SIZE: 12px">The value of U.S. <A=20
href=3D"http://cnn.netscape.cnn.com/wrap/linker.jsp?floc=3D&ref=3Dhtt=
p://search.netscape.com/nscp_results.adp?source=3Dnsstorysearch&query=
=3DStocks"><B>stocks</B></A>=20
were nearly steady at $6.066 trillion in the second quarter, compared to =
$6.072=20
trillion in the first quarter. <A=20
href=3D"http://cnn.netscape.cnn.com/wrap/linker.jsp?floc=3D&ref=3Dhtt=
p://search.netscape.com/nscp_results.adp?source=3Dnsstorysearch&query=
=3DMutual+Funds"><B>Mutual=20
funds</B></A> nudged 1.7 percent higher. </SPAN><BR><BR></DIV>
<DIV class=3DAnorm><SPAN style=3D"FONT-SIZE: 12px">Total U.S. borrowing, =
excluding=20
the financial sector, rose at a seasonally adjusted 7.7 percent annual =
rate in=20
the second quarter, slightly slower than its upwardly revised 9.1 =
percent growth=20
in the first quarter. First quarter non-financial debt was initially =
reported=20
growing 8.6 percent. </SPAN><BR><BR></DIV>
<DIV class=3DAnorm><SPAN style=3D"FONT-SIZE: 12px">The Fed said the =
slowdown in debt=20
growth was nearly evenly distributed across all the major non-financial =
sectors,=20
including the federal government, households, non-financial businesses =
and local=20
governments. </SPAN><BR><BR></DIV>
<DIV class=3DAnorm><SPAN style=3D"FONT-SIZE: 12px">Household debt grew =
9.5 percent=20
in the second quarter, cooling somewhat from its 11.3 percent expansion =
in the=20
first quarter. Mortgage debt grew 11.1 percent in the second quarter =
compared to=20
13.1 percent in the first quarter. </SPAN><BR><BR></DIV>
<DIV class=3DAnorm><SPAN style=3D"FONT-SIZE: 12px">The total level of =
non-financial=20
debt outstanding at the end of the second quarter was $23.220 trillion, =
in=20
seasonally adjusted terms. </SPAN><BR><BR></DIV></FONT></BODY></HTML>
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