What Economists Do

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Work Environment

Although the majority of economists work independently in an office, some collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines.

How to Become an Economist

Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree.

Job Outlook

Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and related work experience.

Growth & Trends

This occupation supported 16,900 jobs in 2012 and 21,500 jobs in 2014, reflecting an increase of 27.2%. In 2012, this occupation was projected to increase by 13.6% in 2022 to 19,200 jobs. As of 2014, to keep pace with prediction, the expected number of jobs was 17,300, compared with an observed value of 21,500, 24.3% higher than expected. This indicates current employment trends are much better than the 2012 trend within this occupation. In 2014, this occupation was projected to increase by 7.1% in 2024 to 22,700 jobs. Linear extrapolation of the 2012 projection for 2022 results in an expected number of 19,600 jobs for 2024, 13.7% lower than the 2014 projection for 2024. This indicates expectations for future employment trends are much better than the 2012 trend within this occupation.

Economists Employment and Labor Information 2023

Economists Employment Brief:

Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.

Economists Job Description

Here is a Job Description an employer might post for potential Economists.

Economists Responsibilities and Duties:

• Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
• Explain economic impact of policies to the public.
• Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
• Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
• Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
• Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
• Supervise research projects and students' study projects.
• Teach theories, principles, and methods of economics.
• Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.

Typical Daily Tasks of Economists:

• Analyzing Data or Information: Forecast economic, political, or social trends.
• Working with Computers.
• Getting Information: Conduct research on social issues.
• Processing Information.
• Making Decisions and Solving Problems.
• Thinking Creatively.
• Updating and Using Relevant Knowledge: Review professional literature to maintain professional knowledge.
• Identifying Objects, Actions, and Events.
• Interpreting the Meaning of Information for Others: Explain regulations, policies, or procedures.
• Communicating with Supervisors, Peers, or Subordinates.

Economists Skills and Requirements:

• Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
• Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.
• Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
• Technology Design Generating or adapting equipment and technology to serve user needs.
• Science Using scientific rules and methods to solve problems.
• Writing Communicating effectively in writing as appropriate for the needs of the audience.
• Learning Strategies Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
• Installation Installing equipment, machines, wiring, or programs to meet specifications.
• DatabasesUsing a computer application to manage large amounts of information, including creating and editing simple databases, inputting data, retrieving specific records, and creating reports to communicate the information.
• Monitoring Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

Economists Education and Training:

Typical education for include: Master's degree.

Economists Salary, Wages, and Salary and Job Outlook

Economists average pay is: $113940 per year according to the U.S. Bureau of Labor Statistics. Employees who work in Management, Scientific, and Technical Consulting Services are the highest paid making $73.23, while NAmake the least at $38.87 per hour.Here are the top city/metro areas with the highest paying salaries for a Economists: