Economist Julie Hotchkiss at the Atlanta Federal Reserve says a closer look at the labor force participation rate statistics show there's less of a reason to freak out than a lot of observers think. Many of the people who have left the job market are doing so for the right reason.

The implication for the rise in "School" is unmistakable, however. With reasonable expectations, these individuals should re-enter the labor force with enhanced—or at least better-aligned—skills that will be able to make a positive contribution to overall economic growth.