Philly Fed and Empire State turn down

I mentioned this indicator (the average of the Philly Fed and Empire State surveys), recently.  It only covers part of the US, and is "spiky", but, smoothed, it correlates with the ISM survey, which covers the whole of the US.    The reason I mentioned it was because it was one of the few time series which was rising, and I wanted to caution you that not all indicators pointed towards recession.  However, over the last 2 months it has turned down, to make it more consistent with other indicators.

In fact, the average of all five of the Fed's regional surveys has started to slide:

PERDK stands for Philly Fed, Empire State, Richmond Fed, Dallas Fed & Kansas Fed