U.S. household wealth up 2.1 percent in Q4 2011 |
Last Updated(Beijing Time):2012-03-09 09:20 |
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U.S. combined household wealth rose 2.1 percent in the fourth quarter last year, helped by a rally in the financial markets, but real estate value continued to shrink, the U.S. Federal Reserve reported on Thursday.
U.S. household net worth, the difference between the value of assets and liabilities, grew by 1.2 trillion U.S. dollars from the third quarter to 58.5 trillion dollars by the end of 2011. The rise followed declines in the previous two quarters.
Household financial asset increased to 49.1 trillion dollars, a 1.46-trillion dollar gain over the third quarter.
The total U.S. household home value dropped 1.3 percent to 16 trillion dollars in the fourth quarter, weighed down by the still weak housing market.
Economists said that greater household wealth would boost consumer spending, which is the main driver for U.S. economic growth. |
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