St. Louis Fed – The Financial Crisis and the Impact on Households

by Sabrina I. Pacifici on June 2, 2013

St. Louis Fed, Annual Report, May 2013 , Chapter 2: “The Financial Crisis and the Impact on Households: “Household balance sheets were severely affected during the financial crisis and ensuing recession. According to the Federal Reserve’s triennial Survey of Consumer Finances (SCF)—the most comprehensive examination of household balance sheets—average household wealth declined 15 percent between 2007 and 2010 while median household wealth dropped 39 percent.”

  • Related – via WSJ Real Time Economics: “Americans have recovered only 45% of the wealth they lost during the recession, adjusted for inflation, the Federal Reserve Bank of St. Louis estimated. The findings were released as part of the St. Louis Fed’s 2012 annual report, which was made public on Thursday. In the report, the Midwestern bank announced the launch of a new Center for Household Financial Stability, which will track the nation’s effort to dig itself out of the hole it found itself in during the financial crisis.”

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