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Net worth for households and non-profit groups rose by $2.95 trillion in the fourth quarter, or 3.8 percent from the previous three months, to a record $80.7 trillion, the Federal Reserve said today from Washington in its financial accounts report, previously known as the flow of funds survey.
More jobs, higher stock prices and improved home values have all helped consumers clean up their balance sheets in the years following the biggest recession since the Great Depression. Additional gains in the labor market and household wealth will be needed to give consumers the means to spend on goods and services, boosting economic growth.
Why are households and non-profits grouped together?
Why does this even matter?
As long as they use the same group each time they take the survey, then they are able to do an "apples to apples" comparison between surveys, and can show if the results are going up or down.
The results of this quarter's survey are 3.8% higher than the previous quarter!
Quote:
Net worth for households and non-profit groups rose by $2.95 trillion in the fourth quarter, or 3.8 percent from the previous three months, to a record $80.7 trillion, the Federal Reserve said today
Wealthier than ever before. Sounds like good news, but I am sure some will twist it into bad news.
The stock market and housing market help theses figures.
That's exactly why. Equities have skyrocketed on the endless pumping of USD into the markets. I think that's great for retirement accounts and people who are invested. The problem is the average household income has dropped nearly $4k year, and the cost of living has increased.
I'm not twisting this into bad news so much as making it clearer that these figures do not affect the average person. It's another case of the rich getting richer being portrayed as benefiting everyone.
Quote:
Originally Posted by EmeraldCityWanderer
Thanks Obama
Thanks to industrious companies who have thrived in spite of Obama, not because of him.
I'm not twisting this into bad news so much as making it clearer that these figures do not affect the average person. It's another case of the rich getting richer being portrayed as benefiting everyone.
This sure confirms the wisdom of my decision to not be an average person. And it makes me wonder why the president spends so much time stoking the green monster, instead of promoting the personal qualities that lead to greater wealth.
Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances. Net worth for households and non-profit groups increased by $1.17 trillion from October through December, or 1.8 percent from the previous three months, to $66.1 trillion, the Federal Reserve said today from Washington in its flow of funds report. It was the highest since the fourth quarter of 2007.
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