Business and Finance
CORPORATE PROFITS surged in the third quarter, reflecting cost-cutting efforts. A Wall Street Journal survey shows that 597 major companies' earnings rose a cumulative 24% from the 1992 period, a sharp acceleration from the 11% gain in the second quarter. But even though some profits were stellar and most exceeded expectations, analysts now worry that companies may have trouble sustaining the recent strong pace of growth.</br></br>Consumer spending rose 0.3% in September even though personal income gained only 0.1%. The trend is making many economists very upbeat about the recovery's strength.</br></br>---</br></br>Kmart agreed to sell its PayLess drugstores unit for $1 billion to the investment firm that controls Thrifty stores, and is in talks to sell many of its Pace warehouse clubs to rival WalMart, people close to the talks said.</br></br>---