that the employment trends in these regional reports are going to start filtering through the wider market?
It's fine to acknowledge a trend but not at the expense of looking for signs it's going to end.
I've banged on about the strength of the US jobs market, longest positive run ever etc etc but that's always come with the odd note that at some point we'll see it tail off. Nothing lasts forever after all.
The regional reports have been showing us a deteriorating jobs picture. Not all but a lot.
Here's the latest employment numbers from the Empire State and Philly Fed for June.
Even with these two small examples, at some point they are going to impact the larger picture. Have the NFP's started signalling that?Yet another Jenga block in the Fed's monetary policy tower.