Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Local foreclosures - About 1.7 percent of St. Louis-area homes with mortgages were threatened with foreclosure or in banks' possession in June, according to the real estate analysis firm CoreLogic. The number was one-tenth of a percent higher than in June of last year. That compares to a tenth-of-a-percent drop for the nation as a whole. But the foreclosure rate here remained well below the 3.4 percent average for the nation. CoreLogic counts all homes taken by banks or upon which the foreclosure process has begun. About a third of homes don't have mortgages, and aren't counted in CoreLogic's statistics. In the St. Louis area, 9,434 homes were taken in foreclosure on the last 12 months. (Jim Gallagher)

Savvis adds - Savvis is buying the global IT outsourcing business of Ciber Inc. for $7 million in cash. Savvis, based in Town and Country, said it plans to hire the 750 employees who support Ciber's global IT outsourcing business when the deal closes in the fourth quarter of 2012. Ciber is based in Greenwood Village, Colo. The sale includes client and vendor relationships, infrastructure, technology and facilities, the companies said in a news release announcing the sale Tuesday. Savvis is owned by telecommunications company CenturyLink Inc., based in Monroe, La. (Lisa Brown)

Consumer spending flat - Americans spent no more in June than they did in May, even though their income grew at the fastest pace in three months. The lack of growth in spending follows a decline in the previous month, suggesting consumers are staying cautious with their money as they economy weakens. Income rose 0.5 percent, the Commerce Department said Tuesday in its June report on consumer spending and income. That was the biggest gain since March and was driven by a 0.5 percent increase in wages. The extra money in June paychecks went straight to savings. The savings rate rose to 4.4 percent in June, the highest level in a year.

More confidence - U.S. consumer confidence rose in July after four months of declines. A better outlook on short-term hiring and lower gas prices offset lingering worries about the economy and poor income growth. …

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