Last week’s mixed US economic data were not what the stock market wanted to hear. Equity markets fell four days in a row.

A minor correction following the remarkable rally of the past six months is no surprise. The data were consistent with a continuing improvement in activity that co-exists with increasing joblessness across virtually all sectors of the economy. The gap between new orders and inventories – the key driver of the hoped-for “restocking boom” – also appears to be narrowing.