But Zachary Karabell says it shows that structural unemployment—not monthly ups and downs—is the real problem.
unemployment that occurs due to industrial reorganization rather than changes in supply or demand
Relatively long-lasting unemployment resulting from long-term shifts in economies and markets rather than short-term savings in economic conditions.
Note: Structural unemployment tends to develop around major changes in an economy, such as the move from an industrial to a technological economy. Workers displaced by the decline of the old economy tend not to be trained in fields suitable for the new economy, so they remain out of work.