Now normally, I don't pay much attention to the regional economic reports which come over my desk each day. I usually only use the regional to confirm the general overall direction of the economy.

But in this economy, all that has changed. The regional reports are the most important. Because, as we've noted, the recovery is centered in certain regions and not others.

There were two examples of this phenomena reported this week. And both were notable for the sheer magnitude of their move.