Household wealth still down 14 percent since recession


Phys.org
February 28, 2014

Household wealth for Americans still has not recovered from the recession, despite last summer’s optimistic report from the U.S. Federal Reserve, a new study suggests.

Economists at The Ohio State University found that the mean net worth of American households in mid-2013 was still about 14 percent below the pre-recession peak in 2006. Their analysis suggested that middle-aged people took the biggest hit.

In a report last June, the Federal Reserve said that net worth of Americans – which includes the value of homes, stocks and other assets minus debts – had essentially recovered since the recession of 2007 to 2009. In fact, the Fed claimed wealth was the highest it had been in nominal terms since records began in 1945.

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