The high rate of joblessness in the United States owes little to structural factors, a San Francisco Federal Reserve note out on Monday said.

The analysis pointed to a small rise of about 1.25 percentage points in both structural unemployment, where there is a mismatch between workers' skills or geographical location and employers' requirements, based on data on the relationship between job vacancies and employment. The note, written by researchers Rob Valletta and Katherine Kuang, pins 0.4 to 0