Last year was the best year of gains since 1999 for the job market in the United States. In addition, in the third quarter, economy activity of the country hit a massive 5%, marking its best pace since 2003. After closing out 2014 with Superman strength, the country's economy has started losing momentum.

According to reports, hiring is still on, but many experts have started to scale back their growth forecasts. In a speech on Friday, Federal Reserve chair Janet Yellen said that if the underlying conditions have actually come back to natural, the economy of the country should be booming.

According to economists, there could be major reasons for current US economy. First, employees' wages are not growing much, which means that people won't have enough money to spend. Other reason could be that many foreign economies have been slowing down, which are putting pressure on the United States.

While answering whether people in America are just seeing temporary change or a bigger shift is taking place, Peter Cardillo, chief market economist at Rockwell Global Capital, said, "The consumer really hasn't kicked in at full speed ahead. We are going through a soft patch".

According to reports, despite the country's economy is showing cracks, the US has added more than half a million jobs in the first two months of 2015. The increase is of 50% from the same two-month stretch a year ago. The reports further stated construction, health care, retail business and service sector of the country have seen strong growth.

In addition, the unemployment rate was down to less than 6%, lowest mark in seven years. The reports also stated that hourly wages grew just 2% in February. It was also well below the Federal Reserve's roughly 3.5% goal.