News - Local
Americans' Wealth Shrank
Posted: Sep 17, 2010 11:05 AM
WASHINGTON (AP) - Americans' wealth shrank in the spring for the
first time since early 2009 as financial turmoil eroded stock
portfolios.
The Federal Reserve says household net worth fell 2.7 percent -
or $1.5 trillion - in the April-to-June quarter. The decline left
Americans' net worth at $53.5 billion.
Shriveled stock portfolios were the biggest force dragging down
wealth. Wall Street was shaken by fears over Europe's debt crisis.
Since then, stocks have risen.
Net worth is the value of assets such as homes, checking
accounts and investments, minus debts like mortgages and credit
cards.
Before last quarter's decline, net worth had been growing slowly
for four straight quarters. Americans' net worth would have to rise
an additional 23 percent to revisit its re-recession peak of $65.8
trillion.
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