The US economy in 2008 is looking bleak, say many economists. The main problems will consist of stress in the housing markets and high oil prices that will reduce consumer spending by 1.8 percent. For example, in Arizona, the spending patterns will be the worst in 15 years and early 2008 will feel like a recession to the consumers. Also, in late 2007, the holiday sales improved by 4%, the least improvement since 2002. Experts say that in the housing market, sales will continue to decline for most of 2008, as builders try to shed inventory. An economist, Stuart Hoffman, said that if the house prices fall 8-10 percent, the country would go into recession, but it would be good news for young buyers. With the upcoming election, the candidates will be highly concerned with the economy and rising oil prices. With all these factors being reasons why the US may go- or has already entered recession, the rising unemployment will greatly affect the families of Greenwich, CT. Many families in this town have fathers that commute to Stanford or New York City to work for companies such as UBS, Citibank, or Merril Lynch. In January, the government reported that fewer jobs were added in December than in any month since August 2003. For example, in October 2007, UBS said it would cut about 1,500 jobs, or about 7%, of its investment-banking workforce. Consumer-dependent companies such as retail fell, since people are less willing to spend if they think their jobs are at risk. Even president Bush said in his speech that the nation, “can’t take economic growth for granted.” If the leader of our country doesn’t have any good news for the economy, than the US may be in trouble. The jobs report was the biggest indicator for the US economy in early January. In December, the economy added just 18,000 jobs, much below analysts’ estimates of 60,000 additional jobs. Since 2004, annual job growth has dropped to its lowest level, and the unemployment rate went up to 5 percent. Although Mr. Bush says that our economy has a, “strong foundation,” he is considering more tax cuts in an effort to boost the nation’s sagging economy.   Sources: ’“Fears on Inflation and Jobs Give 2008 a Stumbling Start.” nytimes.com. 23 Jan. 2008. The New York Times. 23 Jan. 2008. http://www.nytimes.com/2008/01/05/business/05markets.html?scp=2&sq=2008+employment+stock+market “U.S. ECONOMIC FORECAST FOR 2008: BLEAK.” Csmonitor.com. The Christian Science Monitor. 23 Jan. 2008.http://www.csmonitor.com/2007/1228/p01s07-usec.html?page=2.  “Subprime Meltdown Leads UBS to Big Losses and Layoffs” Relistr. 23 Jan. 2008.   http://relistr.com/real-estate/subprime-meltdown-leads-ubs-to-big-losses-and-layoffs.html