Amidst all the angst surrounding incentive compensation and gainful employment, many have lost sight of the primary driver of post-secondary enrollments – the economy. The Parthenon Group’s proprietary macro-economic models suggest that much of the swing in post-secondary enrollments is a predicted function of the economy. And yet the full story cannot be told by the economy alone, as many postsecondary institutions are also re-evaluating which student segments they can best serve, revamping admissions processes, and beginning to focus inward on student persistence and graduation. A combination of econometric analysis and business process insight is needed to truly understand what is driving recent—and sometimes wild—enrollment swings in the post-secondary education industry.