Did The Philly Fed Just Signal The End Of Obama's 'Jobs' Recovery?

Tyler Durden's picture

Hidden under the covers of this morning's already dismal headline print in the Philly Fed data was a considerably worse than expected employment sub-index. Historically this has correlated highly with the non-farm payroll print and suggests (albeit correlation is not causation but gathering real evidence of a slowdown is) that we are heading for a negative print in the next employment report.

 

 

(h/t Brad Wishak at NewEdge)