Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

5 of 7
BACKNEXT
Consumers: A slow comeback
The dismal job market and falling home prices continue to strain American households, but consumers have shown some willingness to spend as economic conditions become less dire.

Americans saw $1.3 trillion of wealth vaporize in the first quarter, which was the seventh consecutive quarter of declining net worth. But the loss was an improvement from the $4.9 trillion drop in the fourth quarter of 2008. That was the worst quarterly plunge on record.

"The worst of the decline in net worth has stopped," said Baumhol of the Economic Outlook Group.

The rebound in stocks has helped households recover some lost wealth and a gradual stabilization in housing means Americans' biggest asset will eventually regain value, Baumhol said.

Indeed, the Conference Board's index of consumer confidence rose to a reading of 49.3 in June from 37.4 when Obama took office, although it retreated a bit in July.



NEXT: Budget deficit: Spending, big-time

Last updated August 05 2009: 9:07 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
11 tasty treats to bring back from a business trip Nothing is as crowd-pleasing or pragmatic as edible souvenirs. We've found foodie gifts that are both delicious and distinguished in 11 popular business destinations. More
15 women who founded $1 billion startups Meet 15 women behind some of the world's hottest startups. More
Here are 27 ads Russian trolls bought on Facebook and Instagram The House Intelligence Committee on Wednesday released some of the ads a Russian troll farm purchased on Facebook and Instagram during and after the U.S. presidential election. More

Special Offer