Friday, May 31, 2013

Average U.S. household still less than halfway towards regaining its wealth after the Great Recession of 2007

The average U.S. household has a long way to go to recover the wealth it lost to the Great Recession, a report by the Federal Reserve Bank of St. Louis concluded on Thursday.

The typical household has regained less than half its wealth, the analysis found. A separate Federal Reserve report in March calculated that Americans as a whole had regained 91 per cent of their losses.

Household wealth plunged $16 trillion from the third quarter of 2007 through the first quarter of 2009. By the final three months of 2012, American households as a group had regained $14.7 trillion.

http://www.dailymail.co.uk/news/article-2333693/Average-U-S-household-far-regaining-wealth-Great-Recession-2007.html