Household Worth in U.S. Increases by $1.2 Trillion

Household wealth in the U.S. rose by $1.2 trillion in the third quarter as share prices jumped in response to an improving economy.

Net worth for households and non-profit groups increased to $54.9 trillion from $53.7 trillion in the previous three months, according to the Federal Reserve’s Flow of Funds report issued today in Washington. American families also cut debt for a 10th consecutive quarter.

Rising wealth and falling debt are putting consumers further down the road toward improving their personal finances following the worst recession since the 1930s, one reason why spending has picked up. The report also showed that a drop in home prices limited the gain in net worth, indicating residential real estate remains a risk to the outlook.

Read Full Article from Bloomberg

- Posted: 2010-12-09 12:32:47

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