Americans’ net worth plummeted in the first quarter by the largest amount in recorded history.
According to data from the U.S. Federal Reserve Board of Governors released on Thursday, net worth for households and nonprofits fell by $6.55 trillion during the first three months of the year to $100.8 trillion.
That marks the largest drop since the central bank began recording the data in 1952.
Directly and indirectly held corporate equities fell by $7.76 trillion, while debt securities fell $478 billion. On the other hand, real estate holdings increased by $433 billion and other investments generated $1.25 trillion.
Household debt increased by 3.9 percent; consumer credit grew at a rate of 1.9 percent, while mortgage debt increased by 3.2 percent.
The coronavirus pandemic was declared a national emergency in mid-March. Initial uncertainty among investors sent the market plummeting. The Dow Jones Industrial Average lost more than 13 percent in March, while the S&P 500 fell by more than 12 percent. Both major indices have recovered some of those losses.
As previously reported by FOX Business, the U.S. officially entered a recession in February.
And the pandemic’s effects are still being felt throughout the country, even as state economies reopen. As of last week, more than 43 million Americans have filed unemployment claims since mid-March.