Bank of America declared wealth of American families increased by U.S. $ 3 trillion in the first quarter of 2013. The increase reached a record high of U.S. $ 70.4 trillion and exceed the highest amount of wealth in 2007 to reach U.S. $ 68 trillion.
In January-March 2013, rising stock prices and mutual funds accounted for 50 percent of the wealth. An increasing number of Americans wealth also fueled by pension fund reserves bigger, car ownership, and lower the amount of debt.
Economist of Moody’s Analytics, Scott Hoyt, said the rise in the amount of wealth is not necessarily encourage consumer spending. “One reason is the level of poverty in America is still lower than the 11 percent poverty rate in 2007.’s Course, after adjustment for inflation and population growth,” he said as quoted by USA Today page.
The amount of wealth the average household in the United States reached U.S. $ 539,500 late last year. Household wealth describing family assets, such as houses, stocks, cash, and bank savings, reduced debt and credit card bills.
In the last five years, inflation eroded the net worth of Americans by 10 percent. The number of households has increased by 3.8 million to 115 million households by the end of last year. Based on the central bank’s latest data, U.S. household debt, governments, and businesses to reach U.S. $ 40.6 trillion.
In America, the number of workers increases. Based on data from the local Department of Labor, the number reached 175 thousand new workers last month. While the unemployment rate edged up from 7.5 to 7.6 percent. This shows the government spending cuts do not have a negative impact, as many analysts feared.