IF THE BACK-TO-BACK BOUTS of winter storms haven t gotten investors down, new unemployment figures might weigh a little heavier on them.

The U.S. economy shed fewer jobs than expected last month, according to the Bureau of Labor Statistics monthly jobs report, which came out on Friday. The unemployment rate for February stayed steady at 9.7% rather than ticking up to 9.8% from 9.7% in January, as economists had initially expected. However, the fact that job growth hasn t yet kicked in has some investors feeling antsy.

One reason for the flat jobs report: the stormy weather. In the Federal Reserve s Beige Book report on regional economic conditions released Wednesday, the blizzards that battered much of the country last month were partly to blame for an apparent lull in the recovery.

Who s Talking: Brian Dolan, chief currency strategist, FOREX.com

The Gist: In February, private sector payrolls may have lost fewer jobs than analysts had expected, but the weather didn t help.

For six of the first eight weeks of this year, first-time jobless claims for state unemployment benefits have risen. Last week, the Labor Department said claims rose 22,000 to a seasonally adjusted 496,000 -- the highest point since mid-November, when the unemployment rate was hovering near 10%, Dolan says. Meanwhile, the Consumer Confidence Index, which increased in January to 56.5, declined sharply to 46.0 in February, according to the Conference Board. Although businesses have been beefing up their inventories after making huge cuts during the downturn, capital expenditures, or business spending, were more subdued. According to the latest durable goods report, orders for core non-defense capital equipment excluding aircrafts fell 2.9% in January, after rising more than 3% in both November and December. Those readings amounted to a terrible handoff to the first quarter s gross domestic product reading, Dolan says.

Still, the poor data stand in contrast to relatively positive fourth-quarter earnings reports, which received top billing in the Federal Reserve s beige book report. (The report is a summary of economic activity that is meant to inform the U.S. central bank s next policy meeting on March 16.) The report showed economic improvements in nine out of 12 of the Fed s regional districts. However, mostly, those increases were modest, as repeated snowstorms held back economic activity. The growth that was observed was characterized as very restrained and does not suggest any material improvements in the U.S. outlook, Dolan says. If anything, the price pressures noted by the Fed suggest that profit margins may get squeezed -- thereby undermining the outlook for corporate profits, he says.

Although the market likely priced in some disappointment regarding the tone of the Beige Book as a whole, a reminder of the shaky recovery could deal a blow to risk assets and carry trades overall. As far as the dollar is concerned, the reaction may be mixed. Not only has the greenback managed to rally on mixed economic data, the U.S. economy, which is seemingly on much better footing than the euro zone, the U.K. and Japan, may see funds scurry back. The U.S. dollar is, for all intents and purposes, in a sweet spot, says Dolan.

Who s Talking: Doug Roberts, chief investment strategist, ChannelCapitalResearch.com

The Gist: Major snowstorms that battered the mid-Atlantic and Northeast regions of the country proved to be more of a drag on the economy than many realized.

In the final three months of 2009, the U.S. economy expanded at the strongest clip in over six years, but that recovery, at least for the first quarter, appears to be slowing. Among other indicators, apparel sales fell 1.8% in February from the same month a year ago and 13.4% from Feb. 2008, according to MasterCard Advisors, a MasterCard consulting unit. In addition, commercial real estate looks even less stable than it has in recent months. According to the Beige Book, commercial real estate and construction activity, as well as demand for loans weakened or declined further in February.

Of course, businesses have been increasing their inventories in recent months after a major slow down in spending during the downturn. Also, the manufacturing sector performed solidly in February, according to Monday s Institute for Supply Management's index release, which stood at 56.1 in February, up from 53.3 in January.

But even some of the good news has a sharp edge, Roberts says. The Fed pointed to the fact that tourism had increased in recent months, but that uptick is largely a function of sale pricing. Everyone is on permanent sale, he says. They are covering their overhead hoping for the best. That mentality, in addition to the stormy weather, is leading to slower job growth. In the meantime, market volatility has increased, as investors remain uncertain over the weather s real sway.

The true test for the economy, which investors will be tuned into acutely, will come in the second quarter as warmer weather begins to supplant snow showers. It s like everyone has seen Act One -- they know that stabilization is there -- but they re waiting for Act Two, he says. The second half of the stimulus funds still needs to be spent; that s what investors are waiting to see.