I think that is Malacosoma americanum, the Eastern tent caterpillar.
http://msue.anr.msu.edu/news/e...
Eastern tent caterpillar (Malacosoma americanum) is one species capable of causing skin rashes. This is the caterpillar that builds tents in the forks of wild cherry trees in early spring. There is only one generation per year, but mature larvae sometimes end up dropping down a shirt collar while wandering in search of a pupation site. These hairs can also cause problems if consumed.
