With personal income growth flat, savings rates up and real disposable income down 0.2% in October, it’s not surprising personal consumption grew just 1.4%! The weak pace of income growth will limit Q4 GDP growth to less than 1.5% and GDP growth will be yet weaker in Q1 ’13 (1.2%) as disposable incomes will fall further due to tax hikes and the expiration of the accelerated depreciation business tax credit.