We're going to get some extra employment growth as people displaced by the hurricanes find their way back into the job market, and that's likely to continue in the first few months of this year.
Nevertheless, money supply contractions are often harbingers of bad times ahead, and if this lasts much longer, people will get more concerned.
People are still planning to spend, and today's income numbers tell us that they have the wherewithal to do so.
People don't seem to be so concerned that they're unwilling to commit future income to such purchases. The fact that people are willing to do that speaks much louder about consumer attitudes than what they tell some survey.
It's the early signs of some cooling in this super-heated market. Fewer people qualify for loans and sales at these prices.