Household net worth up as debt limit uncertainty looms
Wednesday, September 25, 2013 3:06 PM
Net worth for households and nonprofit groups increased by $1.34 trillion in the second quarter, Bloomberg reported, a 1.8 percent increase from the previous three months.
The Federal Reserve today said that net worth is $74.8 trillion. The increase was supported by gains in the stock market and housing market.
Household net worth is $6.7 trillion above its pre-recession peak of $68.1 trillion reached in the third quarter of 2007. It was $73.5 trillion in the first three months of 2013.
In less positive economic news, the group representing the nation's top CEOs is urging Congress to raise the debt limit, CNNMoney reported.
The appeal is from Business Roundtable, the lobbying group representing leading CEOs.
"Even a brief government shutdown would have serious economic consequences, and default, however temporary, would be calamitous," wrote Boeing Co. CEO Jim McNerney and Business Roundtable President John Engler in a letter to Congress.