All of the wealth ostensibly created in America since 2004 has evaporated.
The Federal Reserve Board today released its quarterly Z.1 report on the economy. Net worth of American households and non-profit organizations shrank to $51.5 trillion. This is down $12.9 trillion (20%) from the peak of $64.4 trillion in the second quarter of 2007 and is below the $51.9 trillion figure for 2004. Easy come, easy go.
In the first quarter of 2009, net worth shrank to $50.4 trillion, according to the Feds Z.1 report released today. Meanwhile, the December 31, 2008 value was revised upward from $51.5 trillion to $51.7 trillion.
The report for the second quarter of 2009 is out today. Q1 net worth was revised upward to $51.1 tln, and Q2 is reported at $53.1 tln. The $2 tln increase was entirely in financial assets, and about 80% of the increase was in the market value of equities. Oddly, there were also major upward revisions in the 2008Q4 numbers ($51.5 tln to $52.9 tln) and the 2004Q4 numbers ($51.9 tln to $52.5 tln). Hmmm.
Reader Comments (1)
Ah!!! at last I found what I was looking for. Somtimes it takes so much effort to find even tiny useful piece of information.
Nice post. Thanks