U.S. households boost net worth and cut back on debt

The net worth of U.S. households rose by 2% in the first three months of the year to $148.8 trillion, putting it close to a record high and suggesting the economy might have enough fuel to keep growing or at least to avert a steep recession.

Net worth increased by $3 trillion in the first quarter, from $145.8 trillion in the 2022 fourth quarter, according to the Federal Reserve’s flow of funds report.

That’s…