That is, it would exist even if the economy were at full employment (5.75 percent by Zandi's estimate).
We are still probably at least three years away from full employment.
The US may return to full employment some time around 2016-2017.
The condition that exists when all who want work can find jobs. Because some individuals will always be between jobs, full employment does not mean that one hundred percent of the workforce is employed. Rather, it is customarily defined as ninety-six percent of the total potential workforce.