U.S. economy contracted in fourth quarter (by Rex Nutting)

WASHINGTON (MarketWatch) - The U.S. economy contracted in the fourth quarter of 2007, the first quarter of negative growth since the 2001 recession, the Commerce Department said Thursday in its annual revision to gross domestic product. Real GDP fell 0.2% in the quarter, compared with the 0.6% increase previously reported. Many economists who believe the economy is in recession believe it began in the fourth quarter.