The majority of the damage to the U.S. labor market triggered be the Great Recession is reversible, according a research compiled by the Federal Reserve Bank of New York.

About 1.5 percentage points of the increase in U.S. unemployment from 5 percent as the economic slump started to its 10 percent high in October 2009 stems from a mismatch between the supply of labor and job vacancies, according to a new study by the New York Fed.

The remainder of the unemployment rate increase stems primarily from a lack of demand.

Details to follow.