Home prices are expected to reach their bottom sometime in early 2023, after declining 20% from peak to trough
Rather, the economy reacts more strongly to negative news
Inflation shifts from goods to services, BMO report explains
U.S. unemployment at 53-year low of 3.5%, wage growth at 4.6% in December
December rate of 9.2% down from 10.6% in October but energy prices up 25.7%
Wages up 5.1%, unemployment rate at 5.0%
Inflation, end of Covid-19 support helped drive the increase
Lower energy exports, higher dollar drive swing in trade balance
Confidence in job market remains high among workers with in-demand skills
Risks remained that inflation could stay higher than expected