Household Wealth Increases for First Time in Two Years
So here's some actual good economic news, as opposed to the not-as-bad-as-expected economic news I've been dealing you lately: For the first time in two years, Americans' household wealth grew during the spring of this year, the Fed Reserve reported moments ago.
The Fed said household net wealth grew by $2 trillion to $53.1 trillion from April to June of this year.
Naturally, that is directly attributable to the stock market rally since the early March bottom. Look in your own 401(k); you've seen it. The Dow and S&P 500 are both up 50 percent and the Nasdaq is up higher.
Overall net worth -- which is everything you own: house, car, investments, etc. -- rose by 4 percent during the quarter.
It's worth noting that the $53.1 trillion figure is down from the all-time high of $65.3 trillion recorded in the third quarter of 2007, when the Dow peaked at 14,000. By comparison, the Dow is trading at about 9,800.
-- Frank Ahrens
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September 17, 2009; 12:38 PM ET
Categories: The Ticker | Tags: Federal Reserve, net wealth
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