U.S. household net worth rose 4.7% in Q1 to US$62.9T, bolstered by best quarterly stock-market gain since 1998, first rise in home values since 2006: Federal Reserve
June 7, 2012
– Americans' wealth rose in the January-March quarter, boosted mainly by the best quarterly gain in stock prices since 1998 and partly by the first rise in home values since 2006.
Household net worth rose 4.7 percent to $62.9 trillion last quarter, according to a Federal Reserve report released Thursday. The main reason was a 12 percent jump in the Standard & Poor's 500 index, which padded the portfolios of Americans who own stocks.
Home values increased 2.3 percent.
But since March, the progress Americans have made to recover the wealth they lost in the Great Recession has hit another bump. Stocks sank 6 percent in May amid rising fears about Europe's debt crisis and a weakening U.S. economy.
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