Leaving a soft patch behind is always nice. It has been clear for a while that the US economy did just that in the first quarter. Unfortunately, the latest readings are not as encouraging as one might have hoped.

The advance headline estimate for gross domestic product growth, at an annualised increase of 4.8 per cent, was only a touch below expectations. But it will probably be revised down before long, as more comprehensive data, notably on trade, is included. Some of the demand now reported, moreover, simply reflects the timing of purchases, for example, of durable goods. That underlines the scope for a pull-back.