the reference to Terzaghi & Peck fails to mention that the SPT vs allowable brg pressure is really only valid for sandy soils. Their allowable pressures for clay were developed using theoretical models and are not based on SPT values. Any soil in between (most are) has no broadly established correlation. As the soil gradation increases in fines, the correlation of SPT to allowable bearing pressure becomes less reliable. Unfortunately, every geotech firm I've ever worked for has used a SPT-Allowable Brg Pressure correlation for all soil types! Some knuckleheads are even using them in fills (sure thats ok if you have conducted a rigorous fill testing program on that site). The USACE manual doesn't add anything here. Lets face it, the SPT's only redeeming value is for lightly loaded structures where the strength of the correlation isn't significant wrt the quality of the resulting foundation, and for obtaining samples at depth. Otherwise, we should all be using CPT!!
Personally, I'd like to see everyone use CPT for all property determination and push some shelby tubes in auger holes for identification and lab testing.