Making bank: Thanks to strong economic and equity market growth, almost one million millionaires were minted globally in 2014, representing about a 7% growth rate in high net worth individuals year-over-year. As Fortune reports, the 920,000 new millionaires added last year puts the total number of high net worth individuals—those with investable assets of at least $1 million or more—at 14.6 million worldwide. All together, they control nearly $56.4 trillion of world wealth, according to the World Wealth Report released by Capgemini and RBC Wealth Management. New millionaires are popping up at the highest rate in the Asia-Pacific region, which is now home to more high net worth people than any other area. Read the full story.
Sticker shock: U.S. consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, suggesting an energy-driven disinflationary trend had probably run its course. Other data released this morning shows the labor market continued to tighten, as first-time applications for unemployment benefits declined last week to a near 15-year low. The slight pickup in inflation and a strengthening labor market put the Federal Reserve a step closer to raising interest rates later this year. The Consumer Price Index rose 0.4% last month after gaining 0.1% in April, the Labor Department says. That was the largest increase since February 2013, and left the CPI unchanged in the 12 months through May after a 0.2% yearly decline in April. Reuters has the full story.
Imports and exports: The deficit in the broadest measure of U.S. trade increased in the first quarter to the highest level since the spring of 2012 as American exports declined. The Commerce Department announced this morning that the deficit in the current account increased to $113.3 billion in the first quarter, up 9.9% from a fourth-quarter deficit of $103.1 billion. The Associated Press reports it was the largest imbalance since a $118 billion deficit in the second quarter of 2012. The current account tracks not only trade in goods and services, but also investment flows. For the first quarter, the trade deficit increased as exports of goods fell to $382.7 billion from $409.1 billion. Part of that decline reflected falling oil prices. Read the full story.
