American Wealth Drops for First Time in One Year

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America's household wealth declined for the first time in a year.

The Federal Reserve reported the average American's household net worth, including home equity, stocks and other savings, dropped 0.3 percent to $58.5 trillion in the April-June quarter.

Household wealth had been increasing since the technical end of the recession in June of 2009 at a rate of 7.4 percent.

Observers say the decline is another sign the economy and Americans are still struggling.

Meanwhile, business wealth grew, according to the same report. Corporations held a record $2 trillion in cash at the end of June, an increase of 4.5 percent from the January-March quarter.

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