Economists

Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.

Duties

Economists typically do the following:

• Research economic issues related to education, the labor force, international trade, and other topics
• Conduct surveys and collect data
• Analyze data using mathematical models, statistical tools, and other software
• Interpret and forecast trends, such as of financial markets
• Advise businesses, governments, and individuals on problems related to fiscal policy or other economic topics
• Present research in tables, graphs, and articles for academic journals, government publications, and other media

Economists analyze topics related to the production, distribution, and use (consumption) of goods and services. They work in or across a variety of fields, such as business, health, and the environment. For example, some economists study the cost of products, healthcare, or energy, while others examine employment levels and trends, business cycles, inflation, or interest rates.

Economists study historical trends and make forecasts, using software to analyze data. The focus of their research may vary, depending on their employer

Economists who work in federal, state, and local government may collect and analyze data about the economy, including employment, prices, productivity, and wages. For example, they may evaluate various economic policies or proposals to inform policymakers about the impact of laws and regulations.

Business economists help managers understand the economy to inform their decision making. For example, economists may analyze consumer demand and sales to help a company maximize its profits.

Economists also work for international organizations, research firms, and consulting firms. They may present their findings to a variety of audiences or publish their analyses and forecasts in newspapers, journals, or other media.

Economists held about 17,600 jobs in 2024. The largest employers of economists were as follows:

Economists typically work in an office setting. They often work independently, but they also may collaborate with data scientists, statisticians, or other specialists. Some economists may be required to travel, such as to attend conferences.  

Work Schedules

Most economists work full time, and some work more than 40 hours per week.

Economists typically need at least a master’s degree to enter the occupation. However, some economists—primarily in government—qualify for entry-level positions with a bachelor’s degree. Others need a Ph.D.

The median annual wage for economists was $115,440 in May 2024.

Employment of economists is projected to show little or no change from 2024 to 2034.

Despite limited employment growth, about 900 openings for economists are projected each year, on average, over the decade. Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.