Everyday Economics: Economy's next steps after oil price surge

(The Center Square) – This week’s economic reports will tell us whether the U.S. economy was already losing momentum before war in the Middle East pushed oil prices and bond yields higher.We’ll get a fresh read on home prices, retail sales and the labor market – three reports that should help answer the most important question in the economy right now: was growth already slowing before the Iran war sent oil prices and bond yields higher?Start with home prices.The latest home price data should confirm what more timely housing indicators have already been showing: housing appreciation was losing momentum even before the war added new pressure. Zillow’s January Housing Market Report showed U.S. home values falling for a sixth consecutive month and nearly flat on a year-over-year basis. That tells us national price growth was already flattening before mortgage rates began moving higher again.And the direction of the key price drivers still points to further weakness.House prices are shaped