* US jobless claims fall, highlighting tight labor market conditions
* US durable goods orders rose in December, fueled by aircraft orders
* Chicago Fed Nat’l Activity (3mo avg) falls in December; new economic warning
* Money supply data is back in focus after inflation roller coaster
* Big oil firms expected to report record annual profits
* 10yr US Treasury yield rises above 3.5% after better-than-expected GDP report
* US economy rose 2.9% in fourth quarter, beating expectations:

Unemployment rates trending higher in majority of US states, highlighting “rising recession risk,” advises Wells Fargo. “Although the threshold [34 states] was crossed last November, we do not believe the United States is currently in recession,” write economists at the bank. “That said, deteriorating state labor market conditions in the last two months of 2022 are consistent with our current macroeconomic forecast of a mild recession starting in the second half of 2023.”