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

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)