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Fed Report Says U.S. Household Net Worth Declined by $1.2 Trillion - American Bankruptcy Institute

A Federal Reserve report released yesterday said that Americans lost nearly $1.2 trillion in wealth in the third quarter as a shaky stock market contributed to one of the largest declines in household net worth since the economic recovery began, the Wall Street Journal reported today. The decline was driven mostly by a decline in corporate equities, which shed over $2.3 trillion over the quarter. Major stock indexes in the U.S. plunged sharply in late August. So far in the fourth quarter, stocks have regained most of their lost ground, so the decline in net worth may prove fleeting.

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