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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.