Thinking back on things that have changed recently, in terms of context for the economy, I believe the consumer to have changed.
This is an economy lead by consumer spending. Clearly the consumer was spending more than he brought in and took on debt burden that would tap out eventually. But I don't think we are seeing just a slight re-adjustment to kill overlever (which would be a -3% variation in consumption).
The read downside to consumption may be the consumer re-aligning his priorities. For example it is clear to me that while the price of oil has been all over the place, it has awaken fears of inflation and oil dependency that I think will trigger behavioral changes as powerful as what we have seen with 911.
It is Chic, already in Iceland, to dress like you are feeling the pinch. Makes me think of Zoolander and the expo of "Derelict".