We haven't really felt too much of an impact (knock on wood!). I work in technology and after 2001 when my industry collapsed, I'm super-paranoid about being out of work again.
Frank is more vulnerable than I am, IMO. He's a customer service manager for a company that handles the retail industry. But, even tho the owners threaten they're losing their major accounts (and have threatened this for the last 2 years), they told him today that even if that happened, he would have nothing to worry about--- he's their "keeper".
For me, I'm still in technology, but the new job I took last July came with a 40% pay increase off the bat, my bonus was 75% of the total possible amount, and the annual increase was 5% this year. I've also taken more steps to keep myself in the "asset" column of the employee list: I work later at night, work more in the office than from home to get the visibility, took on the largest client we signed, and have designed quite a few software applications that are now being implemented into our core product line, as well as taking on some department projects that will help us increase efficiency.
We're starting to look at building a house later this year, but we'll probably keep an eye on the market to make sure we don't jump into it too early and risk losing better interest rates & builder incentives. It's a gamble, but at the same time, we're still going to buy at a better time for the market than any other time we'd consider, so that's fine with me.
We don't go overboard on expenses tho. We spend more wisely: we're putting more into the 401K and short-term less risky investments, and are only keeping about $1000 in emergency money for now while we throw all our "extra" toward debt to pay it all off. We drive "efficiently"--- I started driving the SUV because I have the shorter commute, and on weekends, we drive the economy car. We also use rewards cards/memberships to get the lowest gas prices as possible. We also tighten the reins on entertainment: instead of going to the movies, we do the blockbuster monthly rental thing; instead of going out to eat at more expensive places like we used to, we go to lower-end restaurants like Fridays, Applebee's, etc... when we do go for dinner. And, instead of heading to the bar to drink- we've become closet drinkers at home.