Durable goods orders advanced 2.7% for August, according to the Commerce Department. That is in contrast to a 0.1% rise for July.
The report was stronger than the consensus expectations of most business economists, propelled by a 28.4% gain in electronic orders during the month. These orders rebounded from a two-month decline. The report "exaggerates the strength in durable orders," said Cheryl R. Katz, senior economist at Merrill Lynch & Co., New York.