Americans' wealth slips further after massive loss in the spring | CNN Business


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CNN
 — 

Americans’ wealth continued to slide in the third quarter as stock prices plunged over the summer.

The net worth of households and nonprofit organizations dropped by $400 billion to $143.3 trillion in the third quarter, according to data from the Federal Reserve released Friday. The value of households’ stocks declined by $1.9 trillion, while their real estate holdings increased in value by $700 billion.

The decline comes after their wealth plummeted more than $6 trillion in the second quarter, which was also driven primarily by a drop in stock prices.

This is a developing story and will be updated.

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By Akshay

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