In the news…

  • OPEC will increase production by 500,000 barrels starting Nov 1.
  • Health insurance rate increase slows to 6%.
  • Baby boomers make up three times the market size than 20 somethings on the Internet.
  • Foreclosure rates continue to increase to 0.65%.
  • Anita Roddick dies.
  • Dollar hits all-time low against Euro.
  • Small business job growth decelerates.

OPEC said it will increase production by 500,000 barrels a day effective Nov 1. This was caused by Saudi Arabia’s concern about the price of oil ($78.23 yesterday) would contribute to the global economic crisis. (NY Times, 9/12 and NPR, 9/11)

Health insurance rates increases slowed this year (6% increase) - although it is higher than inflation. The number of small businesses offering health insurance stayed steady at around 60%. (NPR, 9/11)

New Social Networking sites geared towards baby boomers. Unlike the 20-something crowd which will move onto the new trend, the graying computer users tend to stick around. There are 78 million boomers with computer skills learned on the job. (NYTimes, 9/12)

Foreclosure rates continue to rise. 0.65% of all mortgages are entering foreclosure - over 90 days delinquent and it is expected to get worse. About 1% of Michigan loans have foreclosure actions started against them in the last quarter. California, Florida, Nevada, and Arizona - which comprise of about 1/3 of all loans, are the primary reason for the rise in deliquency. (NPR, 9/6)

The euro hit an all time high ($1.3878) against the US Dollar today due to speculation that the Federal Reserve will soon be cutting interest rate. (NYTimes, 8/12)

Small business job growth is decelerating, but at a slower rate than larger companies. (Inc.com, 9/11)

Anita Roddick, founder of The Body Shop died. (NPR, 9/11)