THE ECONOMY
Times Staff and Wire Reports
Durable Goods Orders Surge; Home Sales Fall: The Commerce Department said orders to factories for big-ticket durable goods shot up 4.6%, to a seasonally adjusted record $174.1 billion. Although the increase is the largest since a 7.8% gain in December 1992, much of it was due to a 108% surge in volatile aircraft orders. Excluding the transportation sector, orders rose a more moderate 0.9%, the fifth advance in six months. The National Assn. of Realtors said sales of previously owned single-family homes fell 2.9% in September to a seasonally adjusted 4.02 million annual rate. It was the seventh straight month for the annual rate to top 4 million, however.
