U.S. household wealth fell 3.5 percent at year's end amid stock rout
WASHINGTON - U.S. household wealth fell by a record $3.8 trillion, or 3.5 percent, at the end of 2018, and corporate bond issuance plummeted as a global market rout threatened to weaken a near-decade old recovery, the Federal Reserve reported on Thursday.
But in terms of the wealth lost on a dollar basis, at least on paper, it exceeded the $3.6 trillion decline in the fourth quarter of 2008 for the biggest loss on record. Amid widespread fears about the impact of a global trade war, slowing growth, rising central bank interest rates, and other risks, Fed officials also worried that declining household wealth would translate into less spending and slower economic growth.
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