Personal Income Up Less in 3rd Quarter:...

Personal Income Up Less in 3rd Quarter: Personal income growth slowed from July through September for the second-consecutive quarter last year as the economy was sliding toward recession, government figures show. The Commerce Department’s Bureau of Economic Analysis said personal income grew 1.2% nationally in the third quarter, down from 1.3% during the second quarter and 2.1% in the first. The gross national product grew at an anemic annual rate of 1.4% during the third quarter. The Bush Administration and most private economists believe that it actually declined in the fourth quarter and is continuing to contract.