Here is a brief excerpt from an article co-authored by Sarah Green and Walter Frick for Harvard Business Review and the HBR Blog Network. To read the complete article, check out the wealth of free resources, and sign up for a subscription to HBR email alerts, please click here.

* * *

Wonks have zeroed in on a detail of last Friday’s lackluster jobs report and a recent report from the Urban Institute to discuss a notable data point: a small decline in the number of twentysomething women entering the workforce. Ezra Klein and Evan Soltas of the Washington Post write, “In particular, [labor force entry has] suffered among women — and it’s really suffered among young women — who are a lot less likely to enter the labor force than they were in 2002 and 2003.”

The question is: why?

As Papa Kwaku Osei at Quartz writes, “The labor force participation rate hasn’t been falling because of discouraged workers, but because the very people who used to look for jobs are now choosing to go to college. And most of them are female millennials.” This is interesting from the perspective of the jobs report, but let’s not lose the bigger picture: the trend toward higher college enrollment among women dwarfs the decline in labor force participation. Indeed, while the Quartz slug reads “opt out,” these women are actually doubling down.

This investment in education makes sound economic sense. While the youth unemployment rate has remained high, post-recession, the more education you have the more likely you are to work. “For those [aged 16-24] with less than a high school diploma, 14 percent worked full-time, compared to 66 percent with a bachelor’s degree or higher,” notes Diana G. Carew at the Progressive Policy Institute.

Indeed, when you look at the rate at which young women have flocked to college in the last ten years, and compare it with the rate at which they’re delaying entry into the workforce, you realize that most of these women are working and attending college at the same time.

This raises a bigger question. Why does our monthly jobs conversation cover such a paltry part of the picture? It’s well known, at this point, that the headline unemployment rate only covers those who are actively seeking work — thus, discouraged job-seekers aren’t even counted. For a fuller picture you have to dig deeper into the Bureau of Labor Statistics’ monthly report to get at “alternative measures of labor utilization” such as U-5 and U-6 unemployment. Most media coverage of the jobs report still mentions only the headline number, although the pieces cited above are good examples of trying to get beyond it.

* * *

To read the complete article, please click here.

Sarah Green and Walter Frick are editors at Harvard Business Review. To check out more of their blog posts, please click here.