The continued weakness in a number of components of the index suggests that it's more than just high oil prices that are ailing the economy.

It's the 'Red Queen effect' -- you've got to run twice as fast just to stay in place.

I don't think we're going to see jobs collapse or disappear. There is a bit of fear in the air with what's been going on with oil prices and the hurricane that there's going to be some kind of collapse. But I think this economy is resilient.

It will temporarily depress some economic activity, in much the same way a snowstorm could.

[Rising home values] are making people feel they don't need to save.

As the recovery takes hold, the vulnerability we have surrounding these issues will diminish and they won't be able to impact the overall economy. And then investors will focus on the good news.