Falling Household Worth Could Prolong The Downturn...Gene Koretz
If consumer behavior is influenced by real and perceived shifts in household wealth, as most economists believe, then the current recessions in both the U. S. and Britain could be deeper and longer than many forecasters predict. That's the warning sounded in an article in the latest issue of The AMEX Bank Review, published by London-based American Express Bank Ltd. The article notes that in both countries, the household sector's net worth not only declined in inflation-adjusted terms last year but also registered its first drop in current-dollar terms since 1962 for the U. S. and 1974 for Britain.
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