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Economists

SOC: 19-3011 • Data from U.S. Bureau of Labor Statistics & O*NET

What They Do

Economists typically perform the following tasks: • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture. • Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques. • Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations. • Explain economic impact of policies to the public. • Review documents written by others. • Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers. • Formulate recommendations, policies, or plans to solve economic problems or to interpret markets. • Supervise research projects and students' study projects. • Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals. • Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy. • Teach theories, principles, and methods of economics. • Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses. • Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness. • Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources. • Construct and manage economic datasets. • Present research at seminars and conferences.

Career Video

Video from CareerOneStop, sponsored by U.S. Department of Labor

Key facts

Median: $115,440
Employment: 17,600
Growth (2024–2034): +1.0%
Education: Master's degree

Career Intelligence Metrics

Automation Risk Assessment

Low Risk
8.0% probability of being automated in the next 10-20 years. This job is relatively safe from automation due to its creative, social, or complex problem-solving requirements.

Work-Life Balance Score

6.9/10
Good work-life balance based on typical work schedules, stress levels, and time demands.

Personality Fit (RIASEC Profile)

6.2
Realistic
9.4
Investigative
5.6
Artistic
6.4
Social
4.8
Enterprising
6.4
Conventional
Powered by O*NET Career Profiling

Personality Match: The higher the score (out of 10), the better this career matches that personality type. People with similar interests and work styles tend to be most satisfied in careers that match their personality profile.

O*NET Official Logo Official assessment tool by the U.S. Department of Labor

Top Skills

Analytical skills Communication skills Computer skills Critical-thinking skills Math skills

Strengths

  • High Demand
  • Flexible Work
  • Continuous Learning

Challenges

  • Burnout Risk
  • Rapid Technological Change

Median Salary Comparison

Employment projection (2024–2034)

Geographic Employment & Wage Analysis

BLS OEWS Data Updated 2024-05
View Interactive BLS Maps

States with Highest Employment

  • District of Columbia 3,010
  • California 1,400
  • Virginia 970
  • Maryland 920
  • New York 870
  • Massachusetts 770
  • Pennsylvania 710
  • South Carolina 660
  • Texas 620
  • Illinois 590
BLS OEWS data (2024-05)

Regional Wage Variations

  • District of Columbia +41%
    $162,610
  • California -13%
    $100,510
  • Virginia +28%
    $148,010
  • Maryland +19%
    $137,610
  • New York +23%
    $142,300
  • Massachusetts -11%
    $103,170
  • Pennsylvania -2%
    $113,300
  • South Carolina -55%
    $51,980
  • Texas -8%
    $106,200
  • Illinois -2%
    $112,790
BLS OEWS state wage data
Top Metropolitan Areas
New York-Newark-Jersey City
Employment: High Growth: +3.2%
Los Angeles-Long Beach
Employment: High Growth: +2.8%
Chicago-Naperville-Elgin
Employment: Medium Growth: +1.5%
Dallas-Fort Worth
Employment: Medium Growth: +4.1%
San Francisco-Oakland
Employment: High Growth: +2.3%
Based on BLS metropolitan area data
Industries with Highest Concentrations
Federal government, excluding postal service
85%
Scientific research and development services
70%
Management, scientific, and technical consulting services
55%
Regional Job Market Outlook
Strong
West Coast
Stable
Northeast
Growing
South