I wish I'd remembered point three when I wrote recently about the difficulty of separating cyclical and structural unemployment. I was saying, essentially, the same thing that Peter Diamnond says here ...

Every week, the Department of Labor issues data detailing the number of people who filed for unemployment benefits in the previous week. According... Structural Or Cyclical? The Type Of Unemployment ...

Structural factors, which we measure using the dispersion of industry-level stock returns, account for the remaining 25%. For U.S. long-term unemployment the split between cyclical and structural ...