Job Outlook

Median annual earnings of economists was $72,780 in 2004 with starting salaries ranging up to $54,000.  Moreover, job opportunities for persons with an economics background is expected to be strong in the years ahead.

Economists working for corporations may be involved with forecasting sales of the firm’s products or analyzing growth and market share of the firm’s competitors. Other economists working in the private sector may assist their firm with monitoring environmental and/or labor laws and assessing their impacts on the business. Firms with operations overseas employ economists to observe and assess the economic situations in countries where they do business.

The government also employs many economists to collect and analyze data on production, distribution and consumption of goods and services in the U.S. economy. Economists are also used to assess economic conditions, evaluate the economic impacts of specific laws and/or changes in public policy, and advise policymakers on issues such as telecommunication deregulation, Social Security reform, and tax cuts.

Not-for-profit organizations also have economists at work to collect and analyze socio-economic data and trends that impact their constituents. Economists also assist nonprofit groups that focus on community development and/or raising the standard of living with assessing the value of different projects and grants.