Changes in US family finances from 2013 to 2016: Evidence from the Survey of Consumer Finances
Fed. Res. Bull., 2017•HeinOnline
The Federal Reserve Board's triennial Survey of Consumer Finances (SCF) collects
information about family incomes, net worth, balance sheet components, credit use, and
other financial outcomes. 1 The 2016 SCF reveals broad-based gains in income and net
worth since the previous time the survey was conducted, in 2013. During the three years
between the beginning of the 2013 and 2016 surveys, real gross domestic product grew at
an annual rate of 2.2 percent, the civilian unemployment rate fell from 7.5 percent to 5 …
information about family incomes, net worth, balance sheet components, credit use, and
other financial outcomes. 1 The 2016 SCF reveals broad-based gains in income and net
worth since the previous time the survey was conducted, in 2013. During the three years
between the beginning of the 2013 and 2016 surveys, real gross domestic product grew at
an annual rate of 2.2 percent, the civilian unemployment rate fell from 7.5 percent to 5 …
The Federal Reserve Board's triennial Survey of Consumer Finances (SCF) collects information about family incomes, net worth, balance sheet components, credit use, and other financial outcomes. 1 The 2016 SCF reveals broad-based gains in income and net worth since the previous time the survey was conducted, in 2013.
During the three years between the beginning of the 2013 and 2016 surveys, real gross domestic product grew at an annual rate of 2.2 percent, the civilian unemployment rate fell from 7.5 percent to 5 percent, and the annual rate of change in the consumer price index averaged 0.8 percent. 3 These changes in aggregate economic performance led to broadbased income gains across many different types of families. Several observations from the SCF about family incomes stand out:
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