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Household Wealth in U.S. Falls for Second Straight Quarter [View All]

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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 07:10 AM
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Household Wealth in U.S. Falls for Second Straight Quarter
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http://www.bloomberg.com/news/2011-12-08/household-weal...

Household wealth in the U.S. fell from July through September for a second straight quarter as the European debt crisis depressed stocks and home values decreased.

Net worth for households and non-profit groups decreased by $2.45 trillion to $57.4 trillion, the Federal Reserve said today in its flow of funds report from Washington. Americans reduced debt in the third quarter, extending a string of declines dating back three years.

A 14 percent slump in the Standard & Poors 500 Index, the worst quarter since 2008, combined with another decrease in households real estate values in the third quarter. A rebound in stocks at the end of this year and slower home-price declines may help stabilize Americans balance sheets at the same time employment growth picks up.

Were kind of in the third inning of the consumer deleveraging at this point, Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. Job growth suggests that well see some pace of increases in consumer income.

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