Net worth surged 37% in pandemic era for the typical family, Fed finds — the most on record
Publishing timestamp: 2023-10-19 07:30:01
Summary
The article reports that the net worth for the typical U.S. household grew by 37% from 2019 to 2022, fueled by higher home and stock prices and government stimulus. However, wealth gaps persist, and poverty rates also rose. The pandemic-era government support and asset price increases contributed to the growth in net worth, but not all groups benefited equally. The article also mentions that the expanded social safety net and relief funds alleviated debt burdens for some households. However, there are signs of struggling families, and the wealth gains may have peaked in mid-2022.
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Keywords: u.s. economy, wealth, economy, retirement planning, housing, mark zandi, s&p 500 index, breaking news: economy, social issues, economic events, business news, personal finance,