(Reuters) – The U.S. household income fell in the first quarter 2022 for the first-ever time in 2 years. This was due to a fall in stocks outweighing further home gains, according to a Federal Reserve Report on Thursday.

The report still showed that household balances remained strong through the first three month of this year, well above levels pre-pandemic. It also indicated that consumer spending was likely to remain robust in face of rising inflation.