Senator Biden Speaks
2022-07-19 06:49:28 UTC
In article <t12poj$2p2vj$***@news.freedyn.de>
<***@gmail.com> wrote:
New York (CNN Business)Americans' wealth took a nosedive early
this year as the stock market plummeted.
The net worth of households and nonprofit organizations dropped
$0.5 trillion to $149.3 trillion in the first quarter, according
to Federal Reserve Bank data released Thursday. That's a notable
turnaround from the robust gains in wealth that began in mid-
2020, fueled by skyrocketing prices of homes and equities.
The first-quarter decline reflects the swoon in the stock market
earlier this year, which slashed $3 trillion from the value of
directly and indirectly held corporate equities. The total value
of these holdings was $46.3 trillion in the first quarter,
making it one of households' largest assets.
The Dow and the S&P 500 each dropped nearly 5% in the first
three months, while the Nasdaq plummeted nearly 9%. It was the
worst quarterly performance for the markets since the first
quarter of 2020 when the Covid-19 pandemic upended the US
economy.
Weighing on the market this year have been Russia's invasion of
Ukraine, surging oil prices, soaring inflation, interest rate
hikes by the Federal Reserve and continued concern about the
Covid-19 pandemic.
But the decline in equities was partially offset by a $1.7
trillion increase in the value of real estate and a continued
high rate of personal saving, the Fed said. Households and
nonprofits held $44.1 trillion in real estate assets.
The ratio of household net worth to disposable income remained
near its record high and continues to be far above its pre-
pandemic level in 2019.
Meanwhile, household debt grew at an annual pace of 8.3%,
reflecting strong growth in both home mortgages and consumer
credit, the Fed said.
The continued rise in home prices prompted an 8.6% increase in
mortgage debt. Americans also borrowed more on their credit
cards and took out more auto loans, leading consumer credit to
jump 8.7%.
https://www.cnn.com/2022/06/09/economy/americans-wealth-stock-
market-housing/index.html
<***@gmail.com> wrote:
New York (CNN Business)Americans' wealth took a nosedive early
this year as the stock market plummeted.
The net worth of households and nonprofit organizations dropped
$0.5 trillion to $149.3 trillion in the first quarter, according
to Federal Reserve Bank data released Thursday. That's a notable
turnaround from the robust gains in wealth that began in mid-
2020, fueled by skyrocketing prices of homes and equities.
The first-quarter decline reflects the swoon in the stock market
earlier this year, which slashed $3 trillion from the value of
directly and indirectly held corporate equities. The total value
of these holdings was $46.3 trillion in the first quarter,
making it one of households' largest assets.
The Dow and the S&P 500 each dropped nearly 5% in the first
three months, while the Nasdaq plummeted nearly 9%. It was the
worst quarterly performance for the markets since the first
quarter of 2020 when the Covid-19 pandemic upended the US
economy.
Weighing on the market this year have been Russia's invasion of
Ukraine, surging oil prices, soaring inflation, interest rate
hikes by the Federal Reserve and continued concern about the
Covid-19 pandemic.
But the decline in equities was partially offset by a $1.7
trillion increase in the value of real estate and a continued
high rate of personal saving, the Fed said. Households and
nonprofits held $44.1 trillion in real estate assets.
The ratio of household net worth to disposable income remained
near its record high and continues to be far above its pre-
pandemic level in 2019.
Meanwhile, household debt grew at an annual pace of 8.3%,
reflecting strong growth in both home mortgages and consumer
credit, the Fed said.
The continued rise in home prices prompted an 8.6% increase in
mortgage debt. Americans also borrowed more on their credit
cards and took out more auto loans, leading consumer credit to
jump 8.7%.
https://www.cnn.com/2022/06/09/economy/americans-wealth-stock-
market-housing/index.html