Investing.com -- As worries about U.S. stagflation takes center stage amid fears that President Trump’s tariffs will restrict growth and boost inflation, but some on Wall Street are skeptical as data have yet to show a stagnant economy or a meaningful pick up in inflation.

"So, how real are stagflation risks? So far, not that real. First, there’s not a lot of economic ’stagnation’ out there," according to a recent Seven’s Report.

While the recent economic data including jobless claims have been disappointing and missed expectations, it’s "a long way from implying the "stagnation" we see in ’stagflation,’ it added.

Jobless claims rose to 242,000 but "that’s still very low," compared to recent history, the reprot highlighted, and "certainly not a level that implies a slowing economy."

On the inflation front, which makes the second part, or the "flation" part of stagflation, there is little evidence suggested there is a need to worry.

On Friday, Core Personal consumption expenditure, or PCE, Price Index, the fed’s preferred inflation gauge, declined to 2.6% in January from an upwardly received 2.9% in the prior month.

This "is a reminder that while there are some upticks in inflation, it’s far from conclusive," the report added.

Looking ahead, the firm said that the most important economic releases of the week will be the ISM Manufacturing and Services PMIs as well as the jobs report, as investors have become very sensitive to anything that implies growth is slowing.