Posted To: MND NewsWire
In what could be viewed as another indication that things are getting better, the Federal Reserve reported today that net household worth rose 5 percent during the third quarter of 2009. The Fed's quarterly Flow of Funds Report said that the net worth of U.S. households rose $2.7 trillion during the quarter to $53.4 trillion. The net worth is the difference between the value of a household's assets and its liabilities. Net worth also grew during the second quarter. Weak household wealth has been viewed as contributing to the recession by holding down consumer spending which is the engine of the U.S. economy. It is expected that the new figures will help boost confidence in the economy. These figures, however, are well below the peak recorded in 2007 when household net worth was valued…(read more)