Far from credit crunched, U.S. household wealth is soaring [Globe and Mail, The (Toronto, Canada)]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: Globe and Mail, The
The U.S. consumer's resilience to prolonged elevated borrowing costs has shown signs of wilting recently, but barring a deep downturn in the labor market, soaring household wealth should ensure it doesn't crack. Federal Reserve figures show that U.S. households' net worth leaped by $5 trillion in the first quarter to a record $161 trillion, mostly on the back of rising equity prices, while household debt as a share of GDP fell to its lowest in 23 years. While ‘higher for longer' credit card and mortgage rates are sapping consumers' strength to some degree, the S&P 500 and Nasdaq are up 5% and 9%, respectively, so far in the second quarter. This suggests wealth effects remain positive, and the economy will continue to enjoy and be driven by consumption-fueled growth. If a soft landing is to be achieved, it will be in no small part thanks to the indefatigable consumer. In a deep-dive analysis last month of U.S. consumer wealth, BNP Paribas economists predicted that higher stock
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APO
Earnings
- 5/2/24 - Beat
APO
Sec Filings
- 6/24/24 - Form 4
- 6/14/24 - Form 4
- 6/5/24 - Form 4
- APO's page on the SEC website