Wednesday, January 05, 2011

We Knew That

Every three years the Federal Reserve fields the Survey of Consumer Finances, asking American households about their assets, debts, and net worth. The last survey was taken in 2007, just before the economic downturn. Results from the 2010 survey will not be released until 2012.

Presented with a once-in-a-lifetime opportunity, the Federal Reserve took an unprecedented move and reinterviewed the 2007 SCF households two years later--in 2009--to measure the impact of the Great Recession on household wealth. The results of the 2009 follow-up survey will be released in a few months, but a comment in a methodological paper hints at the findings: "Changes for many people were dramatic over the period between the two surveys."

Source: Federal Reserve Board, Try, Try Again: Response and Nonresponse in the 2009 SCF Panel

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