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Household income soars

Posted by Bill Sluben on September 17, 2009

Are you feeling a little richer these days?   The noose of the past year that has been around your neck (and wallet) starting to loosen?  Well, apparently it is because we all have alot more wealth these days.

According to a report by Bob Willis today in Bloomberg, the household net worth in the United States increased by $2 trillion in the second quarter.  $2 trillion!  That’s a huge increase in the face of continued decline in employment, a deterioration of housing values, and the continued malaise of the recession.  So to what do we owe this huge appreciation in wealth to?

Looked at your investment account lately?  The Dow Jones Industrial Average is flirting with 10,000 again.  The Standard and Poor’s 500 Index, which showed the biggest quarterly gain since 1998 in the second quarter, has continued to climb since June 30. The gauge closed down 0.3 percent at 1,065.49 today in New York, retreating for just the second time in 10 days.

We are on the road to recovery.  It may be a rocky one but we are back on track and making our way out of the forest.

A positive behavior that has emerged from the downturn is that consumers have less debt and more tucked away in savings…which will make our recovery a sharp one as more consumers are able to spend and assume debt again (hopefully at much lower levels than before).

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