US Economy Adds 192,000 Jobs in March; Long-Term Unemployment Rate Unchanged

In two recent posts (here and here), it was noted that educational credentials have had next to zero significant causal influence on structural unemployment, and that stagnation is primarily due to lack of adequate effective demand and appropriate fiscal policy. According to CEPR,

[with] population growth implying labor force growth in the neighborhood of 90,000, the economy is cutting into the backlog of unemployed workers at the rate of 90,000 a month. With the economy still down close to 7 million jobs from trend levels, this would imply that we would reach full employment some time in 2020. 

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Unemployment is involuntary, not structural

There is a common misconception that unemployment is structural, that is, the economy has shifted to such an extent that there is a mismatch between quantity of labor demanded and quantity of labor supplied, based on skills, prerequisites, etc. Unemployment, which has been growing over time in the US, is mostly involuntary, that is, as a result of lack of full employment economic policy and insufficient effective demand, workers are unable to find work at living wages, even if they are actively seeking.