The Federal Reserve issued a new report Thursday in which it discovered that household wealth in the United States increased by roughly $3 trillion during last year’s fourth quarter for a total of $80.7 trillion.
A surging stock market and rising home prices assisted in the nation’s increasing wealth – the value of Americans’ homes increased by $400 billion. However, the latest data suggests that both aspects have been slowing down so far this year. Total household debt, too, inched upwards by 0.4 percent because of more auto and student loans.
During the first quarter of 2009, the nation’s household wealth was slashed at $55.6 trillion. Despite the paucity of a genuine economic recovery, a near $30 trillion spike is seen as a positive to many financial experts and investors.
Household wealth consists of the value of bank accounts, homes, stocks and other assets subtract credit cards, mortgages and other debts and liabilities.