Home improvement in the US is doing anything but. Judging by second quarter numbers from Lowe’s on Monday, consumer confidence also risks becoming oxymoronic. Worse than expected sales from the world’s second largest DIY retailer caused its shares to drop by a tenth, and dragged larger peer Home Depot – due to report on Tuesday – down with it.

Optimism that accompanied last quarter’s results has evaporated, with Lowe’s back to looking for signs of a bottom. Investors who have rushed into the bouncing shares of retailers should take note – a less drastic deterioration in trading is not the same as the start of a recovery. Shoppers are keen to plant their gardens with vegetables but bird seed and bin bags are poor substitutes for full scale renovation.