Economics
US Household Net Worth Falls Most on Record on Slump in Stocks
- Value of stock holdings sank $7.7 trillion in second quarter
- Consumer credit rose at fastest pace since end of 2001
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US household net worth declined in the second quarter by the most on record as aggressive action by the Federal Reserve to tame rapid inflation sent stocks plunging.
Household net worth decreased by $6.1 trillion in the April-June period, or 4.1%, after falling about $147 billion in the first quarter, a Fed report showed Friday. The back-to-back quarterly declines pushed the the total down to $143.8 trillion, the lowest in a year.