High commodity prices Further information: 2000s energy crisis_ and _2007–2008 world food price crisis See also: 2008 Central Asia energy crisis_ and _2008 Bulgarian energy crisis {draw:a} {draw:a} In the second half of 2008, the prices of most commodities fell dramatically on expectations of diminished demand in a world recession.[4] {text:bookmark-start} {text:bookmark-end} [edit]Trade {text:bookmark-start} {text:bookmark-end} [edit]Inflation {text:bookmark-start} {text:bookmark-end} [edit]Unemployment {text:bookmark-start} {text:bookmark-end} [edit]Return of volatility {text:bookmark-start} {text:bookmark-end} [edit]Economic governance Further information: 34th G8 summit_ and _2008 G-20 Washington summit {text:bookmark-start} {text:bookmark-end} [edit]North America {text:bookmark-start} {text:bookmark-end} [edit]U.S. See also: Subprime mortgage crisis {draw:a} {draw:a} Number of U.S. household properties subject to foreclosure actions by quarter {text:bookmark-start} {text:bookmark-end} [edit]Possible recession In a CNBC interview at the end of July 2008 Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[30] A study released by Moody's found two-thirds of the 381 largest metropolitan areas in the United States were in a recession. The study also said 28 states were in recession with 16 at risk. The findings were based on unemployment figures and industrial production data.[31] {text:bookmark-start} {text:bookmark-end} [edit]Rise in unemployment The unemployment rate jumped to 6.1 percent in August, its highest level in five years, as the erosion of the job market accelerated over the summer. Employers cut 84,000 jobs last month, more than economists had expected, and the Labor Department said that more jobs were lost in June and July than previously thought. So far, 605,000 jobs have disappeared since January. The unemployment rate, which rose from 5.7...