Economic Report:

The economy saw its worse year since 2002 thanks in part to a sluggish fourth quarter. According to the Commerce Department, the economy grew by just 2.2 percent in 2007. The economy only grew by 0.6 percent in the fourth quarter. Economists had been predicting growth of 1.2 percent. Consumer spending also slowed down to 2 percent from 2.8 percent the previous quarter.