In an incredibly tough job market, jobless claims increased from 8,000 to 339,000 during the first full week of February. This number is higher than forecasted and shows that higher requests for unemployment benefits show softer jobs market. According to Janet Yellen, Federal Reserve Chair, recovery in the labor market is far from complete.

Senior economist at Moody’s Analytics Inc. Ryan Sweet stated, “The job market isn’t going anywhere quickly. We’ll start to see hiring accelerate in the spring and summer.” The reason for the acceleration during this time is due to clearer fiscal policy and improved business confidence.

Retail sales are also seeing a decline in their sales, with sales in the US declining in January by the most since June 2012. According to a report from the Commerce Department, part of the reason for the decline is inclement weather keeping consumers away from auto showrooms and stores. As a result of this weather, economists are still trying to determine if the economy is suffering short-term due to the cold or if the US is facing another extended slowdown in growth.

Jim Baird, chief investment officer at Plante Moran Financial Advisors says, “It’s still too early to conclude that the soft patch is a more ominous sign of a more meaningful slowdown in the economy.”

Jobless claims do reflect weekly firings, and usually decline before job growth can accelerate again. Until recently, jobless claims have been decreasing due to a steady increase in hiring and gradual decline in unemployment rate, but it seems the decline is halting for now. For example the popular bookstore Barnes and Noble Inc. is beginning to cut staff as revenue from the Nook tablet continues to decline. Mary Ellen Keating, a spokeswoman for Barnes and Noble stated, “As we’ve aligned Nook’s cost structure with business realities, staffing levels in certain areas of our organization have changed, leading to some job eliminations.

If you’re wondering what all of this means to you as a job seeker, contact one of our recruiters today. Our expert team of recruiters will help get you on the right track to successful employment.