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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By
Frank Ahrens
|
September 17, 2009; 12:38 PM ET
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The Ticker
| Tags: Federal Reserve, net wealth
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Posted by: whocares666 | September 17, 2009 6:45 PM | Report abuse
That's funny. My bank account is near empty, I'm buying less food every week, and am constantly looking for bargain basement deals...and I'm richer???
NEWS TO ME!!!!
Posted by: wagenstill | September 17, 2009 7:31 PM | Report abuse
Once longer term trends become clear the stock market will adjust downward. Without a strong middle class this country cannot prosper.
Posted by: knutton | September 17, 2009 8:09 PM | Report abuse
You can lie all you want. In the real world furloughs are the norm if you even have a job. To many of us to spread lies. Many states have furloughed all state workers.
The writer is taking spin, and not in the real world..
Posted by: billisnice | September 17, 2009 8:28 PM | Report abuse
In 2010 and 2012 you will see what the real world things of the democrats lies...Obama and the democrats have no plan except lies and spend money we do not have. No real help...lies and more lies...
Posted by: billisnice | September 17, 2009 8:33 PM | Report abuse
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It's worth noting this is a smoke and mirror article.