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Kia ora,Welcome to Friday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news the Omicron impact on the soon-to-be released US non-farm payrolls report is scaring the bejesus out of the wider global financial markets. Risk is 'off' until the dust settles on this data when it is released tomorrow.US <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20220173.pdf" target="_blank">jobless claims</a> came in without any special jobs effect however. Last week there were 257,000 initial claims and slightly lower than expected. The total number of people on these claims went up slightly however to 2.04 mln, which means fewer came off these registers. Still, the overall level remains lower than pre-pandemic.The <a href="https://www.challengergray.com/blog/january-2022-challenger-job-cuts-report-cuts-remain-flat-most-due-to-vaccine-refusal/" target="_blank">Challenger job cuts</a> data for January remained very low too, also not playing into the non-farm payroll fears either. They say most of those losing their jobs are anti-vax or anti-mandate workers, even if the numbers are actually tiny.The US <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/january/" target="_blank">service sector PMI slipped</a>, but not by as much as you might expect, and not be as much as analysts had expected. New order levels held up, price pressures eased somewhat, but the employment subcategory isn't expanding as fast as previously. Despite the overall small pullback, the extended expansion remains historically strong.We also got <a href="https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf" target="_blank">US factory order data</a>, but that was for the prior month, December. It reported a -0.4%

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