VOL. 128 | NO. 106 | Friday, May 31, 2013
Average US Household Far From Regaining its Wealth
CHRISTOPHER S. RUGABER | AP Economics Writer
WASHINGTON (AP) — The average U.S. household has a long way to go to recover the wealth it lost to the recession, a report by the Federal Reserve Bank of St. Louis concludes.
The typical household has regained less than half its lost wealth, the analysis says. That's far below the estimate in a Federal Reserve report in March that calculated that Americans as a whole had regained 91 percent of their losses.
Household wealth plunged $16 trillion from the third quarter of 2007 through the first quarter of 2009. By the final three months of 2012, American households as a group had regained $14.7 billion.
Yet once those figures are adjusted for inflation and population growth, the average household has recovered only 45 percent of its wealth, the St. Louis Fed concludes.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.