St. Louis Fed: Average household far from regaining pre-recession wealth

[Sherman A1]

ST. LOUIS • 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 concluded Thursday.

The typical household has regained less than half its wealth, the analysis says. A separate Federal Reserve report in March 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 trillion.

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 concluded.

http://www.stltoday.com/business/local/st-louis-fed-average-household-far-from-regaining-pre-recession/article_ee3c3f1c-c3e6-5f3e-b0f0-aa81a3b6ca9b.html

[Liberal_in_LA]

1. yup