Federal Reserve data shows U.S. household net worth surged to a record $161 trillion in Q1, mainly due to rising equity prices, while household debt as a share of GDP is at a 23-year low.
BNP Paribas predicts higher stock and house prices will raise U.S. consumer spending by $246 billion this year, contributing to a substantial boost in the economy.
Consumer balance sheets are robust with decreased debt since the 2008-09 recession, translating to elevated net worth compared to liabilities, supporting a positive financial environment.
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