As the U.S. economy improves, more high school graduates are choosing work over college.
Just under 66 percent of the class of 2013 was enrolled in college last fall, the lowest share of new graduates since 2006 and the third decline in the past four years, according to data released Tuesday by the Bureau of Labor Statistics. Among all 16- to 24-year-olds, school enrollment experienced its biggest decline in at least two decades. The report echoes other recent evidence that college enrollment has begun to ebb after surging during the recession.
Many analysts have attributed the slowdown in college attendance to the rapidly rising cost of a higher education. But while mounting concern over costs does appear to be putting downward pressure on tuitions, the evidence suggests that the drop in enrollment is being driven by a different factor: the improving job market.