It could be misleading. During the outage, I saw traceroutes like:
1 someserver.in.europe 10ms 15ms 20ms
2 someother.in.europe 50ms 60ms 50ms
3 * * *
4 * * *
5 * * *
6 * * *
7 * * *
8 * * *
9 someserver.in.us * 500ms *
10 * * *
11 otherserver.in.us 900ms * *
So, it looks like for 10 and 11 hops we are losing a lot of traffic in the US, but that might as well be traffic that's lost in hop #3. The traceroute only tells you at some point between the start and hop #11 we lost 66% of the packets. It doesn't tell you where.