NEW YORK ( TheStreet) -- On Friday, the Labor Department is expected to report that the economy added 153,000 jobs in April -- up from 88,000 in March -- and unemployment is expected to remain steady at 7.6%. This gain may prove short-lived, and this pace is well below what is needed to get unemployment to acceptable levels.New hiring lags broader economic growth. In the fourth quarter, GDP was up only 0.4%. With businesses continually improving productivity, the economy was lucky to have created any jobs at all this past winter. Businesses remain cautious about future demand and reluctant to invest in new machinery, computers and software that would improve worker efficiency.
Morici: Unemployment a Nagging Problem
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