If you’re one to follow the economy, household wealth fell by a whopping $1.23 trillion in the 3rd quarter. That’s Trillion with a ‘T,’
This is a huge drop:
On Thursday, the Federal Reserve reported that U.S. household wealth fell $1.23 trillion in the third quarter. That was the biggest quarterly drop, 1.4%, in four years. American households ended the third quarter with a net worth of just over $85 trillion.
The stock market was the biggest driver of the wealth decline. Financial and pension assets dropped $1.7 trillion in the quarter. The S&P 500 dropped 6.9% from July to September.
Real estate, meanwhile, was actually a bright spot. The value of Americans’ homes rose $443 billion.
Read the rest here.
Relatedly, for every one new person with a job in November, there are still eight people that gave up looking for one.