US companies are now $7 trillion better off than they were a year ago, according to a new report.
The latest report from the Federal Reserve Bank of New York (FRBNY) said US companies had a surplus of $7,434 trillion as of March 31, up 1.2 trillion on the previous report.
The US economy is now $9,879 trillion better-off than it was before the recession hit in late 2008.
The Fed report also shows that US stocks are at a record high, with stocks up more than 12% in 2017 alone, while bonds are up 5% over the same period.
The economy was $10.9 trillion in the red when the financial crisis hit in 2008.
But the Fed said that while the recovery has slowed, the US is still recovering from the worst financial crisis since the Great Depression.
In fact, the Fed has forecast that the US economy will grow by an annual rate of about 3.5% this year, with annual growth at 2.4% in 2018.
Despite the rebound, the economy is still a long way from recovering fully, as the US has still seen the highest rate of job losses in a decade.
