I would not have worried too much of a Dow correction, but I feel like a trifecta of events are coming together that is a bit concerning. First, is the explosion of US government deficit which could potentially lead to austerity measures in the near future. Second is the threat of inflation and overheating. And third is the plunging savings rate of individuals. It almost appears that these three are moving to a confluence. Austerity + rise in interest rates + depleted savings could lead to a consumer spending crash in the near future.
Considering the noise in that chart (savings rate drops from 11% to 5% in one month?!?), I would question whether it's really a trend and how accurate the data is.
One of my pet peeves with economic data - some leading indicator plummets after being high for years. Mass panic in news headlines, only for it to return to normal the next month.