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U.S. Household wealth increases to $64.77 trillion
The net wealth of American households increased in the third quarter due to gains in the value of homes and stock investments, a hopeful sign for future consumer spending. Net financial wealth grew $1.72 trillion to $64.77 trillion, the Federal Reserve said on Thursday. Rising home prices helped drive the increase. The value of real estate owned by households rose about $300 billion during the period, while stock holdings climbed by about $520 billion, the Fed said. Increases in wealth could make consumers feel more comfortable spending their money. Many economists think consumers spend a few cents of every dollar ... (full story)
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forget about tomorrow, just steal away into the night