According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for economists in May 2022 was $111,830. The top 10% earned over $194,740, while the bottom 10% earned less than $62,570.
The BLS projects a 7% increase in economist employment from 2021 to 2031. This growth is attributed to increasing demand for economic analysis in areas such as business, government, and non-profit organizations.
Economists study economic data, trends, and policies. They use their analytical skills to make forecasts, develop economic models, and evaluate the potential impact of government actions or business decisions.
Motivations to pursue economics as a career include:
City | Number of Jobs |
---|---|
New York, NY | 5,800 |
Washington, DC | 3,200 |
Boston, MA | 2,500 |
Chicago, IL | 2,000 |
San Francisco, CA | 1,800 |
Company | Number of Employees |
---|---|
Federal Reserve | 2,500 |
U.S. Bureau of Labor Statistics | 1,800 |
World Bank | 1,500 |
International Monetary Fund | 1,200 |
McKinsey & Company | 1,000 |
Industry | Median Annual Salary |
---|---|
Government | $120,000 |
Business Consulting | $115,000 |
Finance | $110,000 |
Non-Profit | $105,000 |
Education | $100,000 |
State | Projected Change |
---|---|
California | 10% |
New York | 9% |
Texas | 8% |
Florida | 7% |
Illinois | 6% |
The emerging field of "predictive economics" uses data analysis and machine learning to forecast economic outcomes. This new word, "predictive economics," can inspire ideas for applications that use predictive analytics for:
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