WASHINGTON (AP) — Americans' wealth last summer suffered its biggest quarterly loss in more than two years as stocks, pension funds and home values lost value.
At the same time, corporations raised their cash stockpiles to record levels.
Household net worth fell 4 percent to $57.4 trillion in the July-September quarter, according to a Federal Reserve report released Thursday. It was the sharpest drop since the tumultuous period after the September 2008 bankruptcy of investment bank Lehman Brothers. And it was the second straight quarterly fall.
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