B 2 ❘ THE GAZETTE ❘ WEDNESDAY, AUGUST 2, 2017
BUSINESS BRIEFLY
Construction spending down WASHINGTON • U.S. construction spending declined in June for the second time in three months, as spending on government construction projects plunged by the largest amount in 15 years. Construction spending fell 1.3 percent in June, the biggest drop since a 1.8 decline in April, the Commerce Department reported Tuesday. Spending rose 0.3 percent in May. The decline raises concerns that construction may not provide as much support for the economy as had been expected in the second half of the year. The only positive reading in June was in nonresidential construction, which ticked up 0.1 percent. Home construction declined 0.2 percent, the third consecutive decrease. Government spending fell 5.4 percent, the biggest drop since a 6 percent decline in March 2002. —
Caterpillar seeks CFO replacement
Caterpillar Inc. is looking for a new chief financial officer just nine months after the largest maker of construction and mining equipment announced the departure of its long-serving chief executive officer. The Peoria, Ill.-based company has started a global search to replace Brad Halverson, who will retire early next year to help ensure a smooth transition, it said Tuesday. He’s leaving just as Caterpillar, a bellwether for U.S. manufacturing, starts to emerge from four straight years of declining sales and as the company grapples with a probe into its offshore dealings. Halverson joined Caterpillar in 1988 as an accountant. He has also served as CFO of Caterpillar’s engine division and was the director of mergers and acquisitions. —
Factories expand but more slowly
WASHINGTON • Factories expanded last month — a good sign for the economy. But pace of growth was down from June. The Institute for Supply Management reports that its manufacturing index slipped to 56.3 from the June reading of 57.8. Still, anything above 50 signals that manufacturers are expanding, and America’s factories have been on an 11-month winning streak. U.S. factories have largely recovered from a slump in late 2015 and early 2016 caused by cutbacks in the energy industry and a strong dollar, which makes U.S. goods more expensive in foreign markets. —
$2.5B takeover of Opel finalized
PARIS • The maker of Peugeot and Citroen cars finalized its $2.5 billion takeover of General Motors’ European brands, Opel and Vauxhall, and named new management on Tuesday to chart an attempted turnaround. France-based PSA Group — now Europe’s No. 2 carmaker — said in a statement that the new executives would present a restructuring plan in 100 days. Opel’s chief said it is aiming for a return to profit in 2020 and to reach a 6 percent operating profit margin by 2026, after years of losses. The carmakers hope to save up to 1.7 billion euros annually thanks to the takeover, notably on purchasing and research and development. NEWS SERVICES
OBITUARIES
Area foreclosures continue to decline BY RICH LADEN
[email protected] —
Foreclosure activity continued to slow last month in the Pikes Peak region. Just 78 residential and commercial properties fell into foreclosure during July, a 2.5 percent drop from the same month last year, a new report from the El Paso County Public Trustee’s Office shows. July’s foreclosure total also matched June’s figure. “The first time in a long time that a low month hasn’t been followed by a pendulum swing to a high month,” Public Trustee Tom Mowle said in his report. Foreclosure filings totaled 636 in El Paso County during the first seven months of this year, a 22.2 percent re-
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cent nationwide, according to mortgage buyer Freddie Mac. Also, a better economy in the Pikes Peak region and more jobs are helping to boost demand, industry experts have said. Another plus for the new home market: A tight supply of houses available on the resale side of the local housing market has led some buyers to purchase new homes. And, some Denver-area em-
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the Federal Reserve was up 1.4 percent for the 12 months ending in June, compared to a 1.5 percent increase in May. It was the smallest 12-month gain since last September and showed that inflation is continuing to fall farther from the Fed’s target for prices to be rising by 2 percent annually. The central bank left its key interest rate unchanged at a meeting last week after boosting the rate in March and June. Some economists believe the Fed will not raise the rate again this year unless inflation resumes rising toward the Fed’s 2 percent target. Many economists believe the slowdown in inflation will keep the Fed on hold at its next meeting in September. But Hunter said he still expected one more rate hike
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Shares of most major automakers have trailed benchmark U.S. stock indexes this year. The exceptions have been Fiat Chrysler, which is poised to benefit from the shift in consumer tastes away from cars toward pickups and sport utility vehicles, and Tesla Inc., which has soared in anticipation of the Model 3 sedan. The annualized pace of total light-vehicle sales likely slowed to 17 million in July, according to the Bloomberg News survey of analysts. The projected rate, which is adjusted for seasonal trends, would be down from 17.9 million a year earlier, though it would also be the fastest rate since February. With vehicle inventories bloated, profit-eroding discounts may need to rise further in the second half of the year to keep the sector chugging along even at a reduced speed. Instead of paring incentives after the July 4
duction over the same period in 2016, according to the Public Trustee’s report. Foreclosure notices go out to financially troubled property owners who fall several months behind in their mortgage or loan payments. Owners who fail to resolve the issue with their lender risk losing their home or commercial property at a trustee’s auction. But an improved economy and stronger single-family housing market have led to a reduction in foreclosure activity. This year, El Paso County foreclosures are on pace to total about 1,200; foreclosures had soared during the Great Recession and in the years immediately after, spiking to a record high of 5,288 in 2009.
ployees are commuting to their jobs and buying new homes in the Springs and El Paso County, where housing costs are tens of thousands of dollars cheaper. Home construction is one of several key economic indicators in the Pikes Peak region. The industry employs thousands of workers, while sales taxes collected on the purchase of building materials pump millions into local government coffers for the funding of roads, parks and other basic services. —
Contact Rich Laden: 636-0228 Twitter: @richladen
in 2017, probably in December, prompted by further declines in the unemployment rate, which already stands at a low 4.4 percent. With incomes flat and spending showing a tiny gain, saving slipped to 3.8 percent of after-tax income, down from 3.9 percent in May. The 2.6 percent in overall growth, as measured by the gross domestic product, in the second quarter was more than double the lackluster 1.2 percent gain in the first quarter. President Donald Trump has vowed that his economic program of tax cuts, deregulation and tougher trade enforcement will lift growth to 3 percent or better. At a Cabinet meeting Monday, Trump took note of the 2.6 percent GDP gain in the second quarter, calling it “an unbelievable number.” He said, “2.6 is a number that nobody thought they’d see for a long period of time.”
holiday weekend like usual, automakers left them high and still didn’t have great sales, said Thomas King, a vice president with market researcher J.D. Power. Compared to this time last year, “we’re starting off at higher incentive levels, we’ve got even more elevated inventory levels and even worse inventory-quality problems” heading into the end of the model year, he said. The average vehicle incentive jumped $279 in July from a year earlier to $3,876, while the average retail transaction price crept up only $42 to $30,772, J.D. Power estimated, based on data from the month’s first 18 selling days. That means automakers are discounting more to move metal and aren’t wholly making up for it by selling more lucrative models. One bright spot in the month likely was the fullsize pickup segment. Sales of those slipped 0.8 percent compared with double-digit declines for compact and mid-sized cars, according to estimates from Kelley Blue Book.
DEATHS JANNA FORTUNE Born May 1, 1953. Died July 23, 2017. Special education teacher, longtime Colorado Springs resident. Survived by her husband, William; three sons, Daniel, Thomas and William S.; two daughters, Jannae and Chole; two stepsons, Anthony and William T. Jr.; and a stepdaughter, Alesia Gatson. Memorial service, 10 a.m. Aug. 4, Evergreen Funeral Home. Evergreen Funeral Home. RONALD H. FOSTER Born Jan. 10, 1940. Died July 29, 2017. U.S. Navy veteran, retired facilities manager, five-year Colorado Springs resident. Survived by his wife, Gay; two sons, Steve and Chad; two daughters, Melissa Paulson and Jeni Hamilton; a brother, Floyd “Red”; six grandchildren; and two great-grandchildren. Services at a later date. Celebration of Life Funeral Home. ROBERT “ROY“ HOPSON Born May 3, 1928. Died July 28, 2017. U.S. Army, longtime Colorado
Springs resident. Survived by his wife, Valita; a son, Randy; a daughter, Gayle Ray; a brother, Glen; three sisters, Hazel Chapman, Mary Edmunds and Nancy Allison; a grandchild; and a great-grandchild. Memorial service, 10:30 a.m. Aug. 12, Living Word Community Church, 532 Colorado Ave., Calhan. Burial, Memorial Gardens Cemetery. Memorial Gardens Funeral Home. SANDRA G. HUSSONG Born Sept. 2, 1953. Died July 26, 2017. Accounting, Focus on the Family, longtime Colorado Springs resident. Survived by her husband, Paul; her father, Ernie Sasser; and two brothers, Jim and Gary Sasser. Celebration of life service, 2 p.m. Aug. 26, Vista Grande Baptist Church, 5680 Stetson Hills Blvd. Mountain View Mortuary. EVA MAE JACKSON Born April 30, 1932. Died July 28, 2017. Homemaker, longtime Colorado Springs resident. Survived by a daughter, Mariam Gupton; a sister, Emma Johnson; and four grandchil-
dren. Service, 10 a.m. Aug. 4, The Springs Funeral Services — North. The Springs Funeral Services — North. JOHN LAZOR Born Nov. 21, 1959. Died July 26, 2017. Lifelong Colorado Springs resident. Survived by his wife, Jody Knight; two sons, Cayle and Cameron; and a sister, Kris Daly. Memorial service, 3 p.m. Aug. 2, Latigo Trails Equestrian Center, 13710 Halleluiah Trail, Elbert. Memorial Gardens Funeral Home. AMANDA LEE MARTINEZ Born July 8, 1969. Died July 25, 2017. Professional caregiver, lifelong Colorado Springs/Fountain-area resident. Survived by a son, Robert Dankert III; her mother, AnnaLee; a brother, Angelo; and a sister, Amy Jo Dineen. Rosary, 6 p.m. Aug. 7, St. Dominic Catholic Church, 5354 U.S. 85. Mass of Christian Burial, 2 p.m. Aug. 8, St. Dominic Catholic
men Valley Chapel, Woodmen Heights Campus, 8292 Woodmen Valley View. The Springs Funeral Services. Carol Hall Memorial service, 1 p.m. Aug. 5, Dove-Witt Family Mortuary. DoveWitt Family Mortuary. Elizabeth Jayne Husted Memorial service, 11 a.m. Aug. 5, Gateway Presbyterian Church, 731 Castle Road. Swan-Law Funeral Directors. Aretha Diane Johnson Service, 1 p.m. Aug. 3, Angelus Funeral Directors. Angelus Funeral Directors. Mae Aileen Maley Memorial service, 11 a.m. Aug. 12, with reception to follow, Gateway Presbyterian Church, 731 Castle Road. Private inurnment, Shrine of Remembrance Mausoleum, Veterans Honor Court. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. Sally Emma Montoya Memorial service, 10 a.m. Aug. 2, Sacred Heart Catholic Church, 2030 W. Colorado Ave. Reception, 11 a.m. Aug. 2, Sacred Heart Catholic Church. Swan-Law Funeral Directors. James Ryan Graveside service, 10:30 a.m. Aug. 25, Fort Logan National Cemetery, 3698 South Sheridan Blvd. The Springs Funeral Services. Kathleen K. Schounard Mass of Christian Burial, 10 a.m. Aug. 5, St. Patrick Catholic Church, 6455 Brook Park Drive. Private interment, Memorial Gardens Cemetery.
Mountain View Mortuary. Jill Marie Schumann Visitation, 9 to 11 a.m. Aug. 3, Shrine of Remembrance Funeral Home. Reception after visitation, Olympian Plaza Reception and Event Center, 975 S. Union Blvd. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. John Henry Scrivner Memorial service, 1 p.m. Aug. 6, Grace and St. Stephen’s Episcopal Church, 601 N. Tejon St. Swan-Law Funeral Directors. Ella Belle Watts Visitation, 5 to 7 p.m. Aug. 2, Shrine of Remembrance “America the Beautiful” Chapel. Service, 10 a.m. Aug. 3, Calvary United Methodist Church, 4210 Austin Bluff Pkwy. Burial, Memorial Gardens Cemetery, with reception to follow at Calvary United Methodist Church. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. David Webb Memorial service, 4 p.m. Aug. 4, The Springs Funeral Services — North. The Springs Funeral Services — North. Maria White Graveside services, 11 a.m. Aug. 14, Evergreen Cemetery, 1005 Hancock Expy. Inurnment, Evergreen Cemetery. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. Woody Woods Memorial service, 2 p.m. Aug. 5, Kingdom Hall of Jehovah’s Witnesses, 720 Crestline Drive. Mountain Memorial.
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SERVICES Patsy Sue Bomhoff Service, 10 a.m. Aug. 2, Holy Cross Lutheran Church, 4125 Constitution Ave. Burial, Evergreen Cemetery. Swan-Law Funeral Directors. Ruth U. Bradford Visitation, 5 to 7 p.m. Aug. 8, Shrine of Remembrance Funeral Home. Service, 10 a.m. Aug. 9, Shrine of Remembrance “America the Beautiful” Chapel. Inurnment, Shrine of Remembrance Mausoleum, Freedom Columbarium. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. Lila Bradley Celebration of life, 2 p.m. Aug. 11, The Club at Flying Horse, Clubhouse Ballroom, 1880 Weiskopf Point, The Springs Funeral Services — North. Anita M. Brandewie Visitation, 10 to 11 a.m. Aug. 2, Blunt Mortuary. Service, 11 a.m. Aug. 2, Blunt Mortuary. Burial, Fairview Cemetery. Blunt Mortuary. Ray E. Bruce Celebration of life service, 2 p.m. Aug. 2, Shrine of Remembrance “America the Beautiful” Chapel. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. David S. Clayburn Memorial service, 2 p.m. Aug. 19, Shrine of Remembrance “America the Beautiful” Chapel. Reception after services, Olympian Plaza Reception and Event Center, 975 S. Union Blvd. Shrine of Remembrance Funeral Home, Mausoleum and Crematory. Johnny Curtis Service, 1 p.m. Aug. 3, Cappadona Funeral Home Chapel. Cappadona Funeral Home. Bernardine Mary Egge Mass of Christian Burial, 10 a.m. Aug 2, Saint Gabriel the Archangel Catholic Church, 8755 Scarborough Drive. Graveside services, 1 p.m. Aug. 2, Air Force Academy Cemetery. The Springs Funeral Services — North. Arthur Lloyd Eggers Memorial service, 10 a.m. Aug. 19, Grace and St. Stephens Episcopal Church, 601 N. Tejon St. Swan-Law Funeral Directors. Caroline Finch Visitation, 1 to 2 p.m., followed by a service, Aug. 4, Evergreen Funeral Home. Burial, Evergreen Cemetery. Evergreen Funeral Home. Jennette Ruth Goodwin Memorial service, 1 p.m. Aug. 7, Wood-
LOCATIONS OF SERVICES Angelus Chapel Funeral Directors 1104 S. Circle Drive, 391-1918. Blunt Mortuary 2229 W. Colorado Ave., 634-8831. Celebration of Life Funeral Home 5440 N. Union Blvd., 599-7979. Dove-Witt Family Mortuary 6630 S. U.S. 85/87, Fountain, 390-4906. Evergreen Cemetery 1005 S. Hancock Ave. Evergreen Funeral Home 1830 E. Fountain Blvd., 475-8303. Fairview Cemetery 757 S. Santa Fe Ave., Fountain. Fort Logan National Cemetery 3698 S. Sheridan Blvd., Denver. Memorial Gardens Cemetery and Funeral Home 3825 Airport Road, 596-3842. Mountain Memorial Services 51 County Road 5, Divide, 687-0333. Shrine of Remembrance Funeral Home, Mausoleum and Crematory 1730 E. Fountain Blvd., 634-1597. The Springs Funeral Services 3115 E. Platte Ave., 328-1793. The Springs Funeral Services — North Oakwood Chapel, 6575 Oakwood Blvd., 358-5128. Swan-Law Funeral Directors 501 N. Cascade Ave., 471-9900.