The Bureau of Economic Analysis reports "Personal income decreased $20.7 billion, or 0.2 percent, and disposable personal income (DPI) decreased $11.8 billion, or 0.1 percent in November."
Consumption makes up about 70% of GDP and if consumers earn less income, then there's less to spend. Macro theory says that production equals income equals spending. Spending drives investment. If consumers are making less income, growth will slow. Since January, 2008, 2 million workers have lost jobs. Personal saving is up to 2.8% indicating that consumers are fearful of a long recession. According to Wachovia Economics Group, "The core PCE deflator, the Fed’s preferred measure of inflation, is now up 1.9 percent year-over-year."