Market analysts are debating whether or not US will go into a recession in 2008, and the concensous emerging out is that it will. However recent bounce back by US markets tends to defy their collective wisdom atleast in the very short term. This is due to the fact that US economy is still growing at a healthy pace, US fed is on a rate cutting spree and this will enable economy and US consumer to recover from subprime mess. Also with industrial commodities like copper, zinc, lead, nickel displaying weakness and are at their 52 week lows, pressure on industrial material costs is limited and hence on finished goods. Whether or not US goes into recession is still to be seen, but one thing is sure that as and when it happens, it will hurt everybody else.