U.S. Household Wealth Fell $1.23 Trillion in Third Quarter
- Value of financial assets dropped $1.7 trillion last quarter
- Wealth decline led consumers, businesses to slow borrowing
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Americans’ wealth declined in the third quarter by the most in four years, reflecting a slump in stock prices that have since recovered.
Net worth for households and non-profit groups decreased by $1.23 trillion from July through September, or 1.4 percent, from the previous three months to $85.2 trillion, the Federal Reserve said Thursday in its financial accounts report, previously known as the flow of funds report.