U.S. Bureau of Labor Statistics (2024)

  • Summary
  • What They Do
  • Work Environment
  • How to Become One
  • Pay
  • Job Outlook
  • Similar Occupations
  • More Info

Summary

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Quick Facts: Economists
2021 Median Pay $105,630 per year
$50.79 per hour
Typical Entry-Level Education Master's degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2021 16,900
Job Outlook, 2021-31 6% (As fast as average)
Employment Change, 2021-31 1,000

What Economists Do

Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.

Work Environment

Although the majority of economists work independently in an office, many 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

Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree.

Pay

The median annual wage for economists was $105,630 in May 2021.

Job Outlook

Employmentof economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.

About 1,400 openings for economists are projected each year, on average, over the decade. Many 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.

Explore resources for employment and wages by state and area for economists.

Similar Occupations

Compare the job duties, education, job growth, and pay of economists with similar occupations.

More Information, Including Links to O*NET

Learn more about economists by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

What Economists Do About this section

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

Duties

Economists typically do the following:

  • Research economic issues
  • Conduct surveys and collect data
  • Analyze data using mathematical models, statistical techniques, and software
  • Present research results in reports, tables, and charts
  • Interpret and forecast market trends
  • Advise businesses, governments, and individuals on economic topics
  • Recommend solutions to economic problems
  • Write articles for academic journals and other media

Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences.

Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals.

Many PhD economists become postsecondary teachers.

Work Environment About this section

U.S. Bureau of Labor Statistics (4)

Economists typically work with computers.

Economists held about 16,900 jobs in 2021. The largest employers of economists were as follows:

Federal government, excluding postal service 28%
Management, scientific, and technical consulting services 17
Scientific research and development services 12
State government, excluding education and hospitals 10
Finance and insurance 5

Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.

Economists spend much of their time using computers to analyze data, review research, or write findings.

Work Schedules

Most economists work full time. In addition to working full time at a business or university, some economists consult part-time. Some perform work that may require overtime hours.

How to Become an Economist About this section

U.S. Bureau of Labor Statistics (5)

Communication skills are important for economists, since they sometimes present research to colleagues.

Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.

Education

Economists typically need a master’s degree or Ph.D. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful.

Students can pursue a graduatedegree in economics with a bachelor’s degree in a number of fields, including economics, business, and mathematics. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of research in a specialty field.

Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. A graduate degree is sometimes required for advancement to higher level positions.

Other Experience

Aspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as using statistical analysis software, can be advantageous.

Important Qualities

Analytical skills. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment.

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.

Speaking skills. Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

Pay About this section

Economists

Median annual wages, May 2021

Economists

$105,630

Social scientists and related workers

$80,890

Total, all occupations

$45,760

Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics

The median annual wage for economists was $105,630 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,460, and the highest 10 percent earned more than $193,690.

In May 2021, the median annual wages for economists in the top industries in which they worked were as follows:

Finance and insurance $163,640
Federal government, excluding postal service 125,950
Management, scientific, and technical consulting services 117,510
Scientific research and development services 101,910
State government, excluding education and hospitals 82,220

Most economists work full time. Some perform work that may require overtime hours.

Job Outlook About this section

Economists

Percent change in employment, projected 2021-31

Economists

6%

Social scientists and related workers

5%

Total, all occupations

5%

Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Employment Projections program

Employmentof economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.

About 1,400 openings for economists are projected each year, on average, over the decade. Many 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.

Employment

Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy and a more competitive business environment also are expected to support demand for economists.

Employment projections data for economists, 2021-31
Occupational Title SOC Code Employment, 2021 Projected Employment, 2031 Change, 2021-31 Employment by Industry
Percent Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Economists

19-301116,90017,80061,000Get data

State & Area Data About this section

Occupational Employment and Wage Statistics (OEWS)

The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.org. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Similar Occupations About this section

This table shows a list of occupations with job duties that are similar to those of economists.

Occupation Job Duties ENTRY-LEVEL EDUCATION U.S. Bureau of Labor Statistics (6) 2021 MEDIAN PAY U.S. Bureau of Labor Statistics (7)
U.S. Bureau of Labor Statistics (8) Actuaries

Actuaries use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty.

Bachelor's degree $105,900
U.S. Bureau of Labor Statistics (9) Budget Analysts

Budget analysts help public and private organizations plan their finances.

Bachelor's degree $79,940
U.S. Bureau of Labor Statistics (10) Data Scientists

Data scientists use analytical tools and techniques to extract meaningful insights from data.

Bachelor's degree $100,910
U.S. Bureau of Labor Statistics (11) Financial Analysts

Financial analysts guide businesses and individuals in decisions about expending money to attain profit.

Bachelor's degree $95,570
U.S. Bureau of Labor Statistics (12) Market Research Analysts

Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service.

Bachelor's degree $63,920
U.S. Bureau of Labor Statistics (13) Mathematicians and Statisticians

Mathematicians and statisticians analyze data and apply computational techniques to solve problems.

Master's degree $96,280
U.S. Bureau of Labor Statistics (14) Operations Research Analysts

Operations research analysts use mathematics and logic to help solve complex issues.

Bachelor's degree $82,360
U.S. Bureau of Labor Statistics (15) Political Scientists

Political scientists study the origin, development, and operation of political systems.

Master's degree $122,510
U.S. Bureau of Labor Statistics (16) Postsecondary Teachers

Postsecondary teachers instruct students in a variety of academic subjects beyond the high school level.

See How to Become One $79,640
U.S. Bureau of Labor Statistics (17) Survey Researchers

Survey researchers design and conduct surveys and analyze data.

Master's degree $59,740
U.S. Bureau of Labor Statistics (18) Urban and Regional Planners

Urban and regional planners develop land use plans and programs that help create communities, accommodate population growth, and revitalize physical facilities.

Master's degree $78,500

Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Economists,
at https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm (visited March 16, 2023).

Last Modified Date: Monday, February 6, 2023

Recommend this page using:

U.S. Bureau of Labor Statistics (2024)

FAQs

Do I have to answer Bureau of Labor Statistics? ›

All employers who receive a survey form must respond to the survey, even those in State-Plan States. NOTE: Authority cited: Section 6410, Labor Code. Reference: Section 6410, Labor Code.

Is the Bureau of Labor Statistics a reliable source? ›

Whether you live in a small town or a large metropolis, the U.S. Bureau of Labor Statistics provides useful information about our economy that benefits you. The U.S. Bureau of Labor Statistics collects, analyzes, and publishes reliable information on many aspects of our economy and society.

Is the Bureau of Labor Statistics the main fact finding agency? ›

The Bureau of Labor Statistics (BLS) is an agency of the United States Department of Labor. It is the principal fact-finding agency in the broad field of labor economics and statistics and serves as part of the U.S. Federal Statistical System.

What do you need to be counted as employed in the US labor force statistics? ›

The labor force is the sum of the employed plus the unemployed, and the unemployment rate is the number unemployed divided by the number in the labor force. People are considered employed if they work at least one hour for pay or at their own business at any time during the week including the twelfth day of the month.

Do I have to complete the Occupational employment Statistics report? ›

Is the Occupational Employment and Wage Statistics Report mandatory? Yes, the OEWS Report is mandatory in several states. This information can be found on your survey materials or by contacting your state.

What data does the Bureau of Labor Statistics collect? ›

The Bureau of Labor Statistics (BLS) obtains Consumer Expenditure Surveys (CE) Interview Survey and Diary Survey data by interviewing respondents about their expenditures, income, and characteristics. The U.S. Census Bureau selects the samples of household addresses and collects the data under contract with BLS.

How does the Bureau of Labor Statistics get their data? ›

BLS conducts surveys of both businesses and households. First, BLS develops survey questions that obtain accurate and useful information from households and businesses. Then, statisticians at BLS develop a survey sample. Surveys are designed by groups of economists, statisticians, computer experts, and others.

What does the Bureau of Labor Statistics track? ›

BLS conducts an annual mail survey of establishments that provides data on employment and wages by occupation and industry for over 800 occupations and for about 400 industries throughout the Nation, and similar data for all states and selected metropolitan areas.

Is the Bureau of Labor Statistics independent? ›

BLS is an independent national statistical agency that collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other federal agencies, state and local governments, business, and labor.

Who owns the Bureau of Labor Statistics? ›

The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor.

Who made U.S. Bureau of Labor Statistics? ›

On June 27, 1884 a bill signed into law (23 Stat. 60) by President Chester Arthur created the Bureau of Labor Statistics. The new department was placed in the Department of the Interior and Carroll D. Wright became its first Commissioner.

Who tracks the labor statistics? ›

OES Home : U.S. Bureau of Labor Statistics. The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for approximately 830 occupations.

What percentage of the US labor force is unemployed? ›

The unemployment rate increased by 0.3 percentage point to 3.7 percent in May, and the number of unemployed persons rose by 440,000 to 6.1 million. The unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.

What percentage of Americans are not in the labor force? ›

According to the October jobs report, more than 92 million Americans — 37% of the civilian population aged 16 and over — are neither employed nor unemployed, but fall in the category of “not in the labor force.” That means they aren't working now but haven't looked for work recently enough to be counted as unemployed.

Who of the following is not included in the Bureau of Labor Statistics? ›

This is because those who do not have work and are waiting to be called back because they are being laid off are not included in the “employed” category as defined by BLS.

Is the current employment statistics program mandatory? ›

Is the CES report mandatory? The CES report is voluntary under federal law and is mandatory in New Mexico, Oregon, South Carolina, and Puerto Rico. The South Carolina requirement applies to firms with more than 20 employees. Legal citations for the state requirements are listed on the CES report form.

Do I have to complete the OEWS survey? ›

Also, the “mandatory” forms have the same pledge wording on page ii as the “voluntary” forms that state “Your voluntary cooperation is needed to make the results of this report comprehensive, accurate, and timely.” Response: There are no federal requirements that make the survey mandatory.

Is the Bureau of Labor Statistics Annual Refiling survey mandatory? ›

We appreciate your response within 14 days. Thank you. This report is mandatory under Oregon State Law, ORS 657.660, and is authorized by law, 29 U.S.C. 2.

Which type of data are not published by BLS? ›

Although BLS publishes a wide range of information about workplace injuries and illnesses, BLS does not publish the costs associated with workplace injuries. BLS publishes data on consumer prices, which can be found at www.bls.gov/cpi. BLS publishes data on producer prices, which can be found at www.bls.gov/ppi.

How does the US Bureau of Labor Statistics collect the US unemployment data? ›

Because unemployment insurance records relate only to people who have applied for such benefits, and since it is impractical to count every unemployed person each month, the government conducts a monthly survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country.

What method does the Bureau of Labor Statistics use to measure unemployment? ›

In simple terms, the unemployment rate for any area is the number of area residents without a job and looking for work divided by the total number of area residents in the labor force.

Is unemployment tracked by the Bureau of Labor Statistics? ›

A monthly household survey provides comprehensive information on the employment and unemployment of the population classified by age, sex, race, and other characteristics.

Is the US Bureau of Labor Statistics a journal? ›

Established in 1915, the Monthly Labor Review (MLR) is the principal journal of fact, analysis, and research from the U.S. Bureau of Labor Statistics (BLS), an agency within the U.S. Department of Labor.

How often does the Bureau of Labor Statistics publish inflation data? ›

These data are to be used in conjunction with the CPI-U and CPI-W released in that same year. BLS publishes this data once a year, using December data. Relative importance data is also published monthly at the U.S. level in the news release tables.

Is BLS wage data accurate? ›

The statistical reliability of the BLS wage data is adequate for most metropolitan and non-metropolitan areas (at least 90 percent of areas). For a small proportion of areas, the BLS data are not as reliable.

What two important questions does the Bureau of Labor Statistics answer? ›

provides answers to two important economic questions: how many people are in the labor force? How many are unemployed at any given time? What kind of information does the Bureau of Labor Statistics report?

Why was Bureau of Labor Statistics created? ›

The BLS was first established as a branch of the Department of the Interior in 1884 with a mandate to research and compile information about economics and labor.

What percent of small businesses fail Bureau of Labor Statistics? ›

Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.

Who controls the United States Department of Labor? ›

Key Takeaways. The U.S. secretary of labor position is controlled by the U.S. president and is part of the president's executive cabinet of leaders. The U.S. secretary of labor oversees all activities of the Department of Labor. The current secretary of labor is Marty Walsh, former mayor of Boston.

Who has the highest unemployment rate by race? ›

The unemployment rate averaged 8.6 percent for Blacks; 8.2 percent for American Indians and Alaska Natives; 8.2 percent for people of Two or More Races; 6.9 percent for Native Hawaiians and Other Pacific Islanders; 5.0 percent for Asians; and 4.7 percent for Whites. The unemployment rate was 6.8 percent for Hispanics.

Who has recorded the highest unemployment rate? ›

Unemployment Rate in the United States averaged 5.72 percent from 1948 until 2023, reaching an all time high of 14.70 percent in April of 2020 and a record low of 2.50 percent in May of 1953.

What are the deadliest jobs Bureau of Labor Statistics? ›

Civilian occupations with high fatal work injury rates, 2021
OccupationFatal work injury rate (per 100,000 full-time equivalent workers)
Driver/sales workers and truck drivers28.8
Refuse and recyclable material collectors27.9
Underground mining machine operators26.7
Helpers, construction trades22.9
8 more rows

Who is the most unemployed in America? ›

In 2022, 6.1 percent of the Black or African-American population in the United States were unemployed, the highest unemployment rate of any ethnicity.

Who has the lowest unemployment in the US? ›

States With the Lowest Unemployment Rates

The latest report showed the state with the lowest unemployment was South Dakota, with a jobless rate of 1.9%. Nebraska was also among the states with the strongest job market, according to the latest data, with an unemployment rate of just 2.0%.

Is the US workforce declining? ›

Americans are aging out of the workforce

Consequently, the share of working-age people (ages 15-64) in the U.S. population has shrunk, down to 64.9% in 2021, from a peak of 67.3% in 2007.

Why aren t people working 2023? ›

Economists are predicting a slowdown in labor market activity in the U.S. in 2023 due to a likely recession, a continued battle with inflation, more layoffs and higher unemployment.

How can people afford to live without working? ›

The only way to make a living without a job is to generate passive income. You can't just charge everything to a credit card. Passive income is money you generate without having to consistently work for it. It typically involves making an upfront investment in the form of time or labor.

Why is US labor force so low? ›

Some people in the Census department argue that the primary driver behind the falling labor participation rate is demographics. The population is simply getting older and aging out of the workforce.

What are the 4 types of labor? ›

What are the four types of labor in economics? The four major types of labor are professional, semi-skilled, skilled, and unskilled labor.

Who is considered unemployed? ›

The primary factor in determining whom to count as unemployed is that the person be actively seeking employment. “Wanting a job” is not enough to be counted as unemployed. Who is Not in the Labor Force? People are considered not in the labor force if they are not working and are not actively seeking work.

Which one of the following persons would be considered unemployed? ›

Unemployed individuals are those who are actively searching for a job but cannot find one.

Is BLS survey mandatory in New York? ›

This report is mandatory under Section 531 of the New York labor law, and is authorized by law, 29 U.S.C.

Is BLS survey mandatory in Oregon? ›

Is my response to this survey mandatory? Participation by private sector employers in the Survey of Occupational Injuries and Illnesses is mandated by OSHA and Public Law 91-596 (Occupational Safety and Health Act of 1970)​.

Is the BLS annual refiling survey mandatory or voluntary? ›

This report is mandatory under Section 320.5 of the California Unemployment Insurance Code and Section 320-1 Title 22 of the California Code of Regulations, and is authorized by law, 29 U.S.C. 2.

What do you have to do to be considered unemployed by the Bureau of Labor Statistics quizlet? ›

A person who is counted as "unemployed" by the Bureau of Labor Statistics: -Must have recently looked for work or be on temporary layoff.

Can a survey be mandatory? ›

In some situations, people are compelled to respond (by law or company policy). A company may require participants to answer an employee satisfaction survey. And in the US, people are required by law to answer all the questions on a census survey.

Can you make a survey mandatory? ›

Participation in a survey should be voluntary, and forcing people to answer questions goes against this principle. People are more likely to give up and drop out when answers are required.

What does BLS survey mean? ›

BLS Customer Survey : U.S. Bureau of Labor Statistics.

Is BLS survey of Occupational Injuries and Illnesses mandatory? ›

Participation requirements

Participation by private sector employers is mandated by OSHA. OSHA's recordkeeping advisor explains some of the regulations that apply. For State and local government employers, your State laws determine whether participation in the survey is mandatory.

Is the BLS Annual Refiling survey mandatory in NY? ›

Answer: Your state department of labor has asked you to participate in the Bureau of Labor Statistics (BLS) Current Employment Statistics survey. Providing information is voluntary under federal law and is mandatory under state law only in North Carolina, Oregon, and South Carolina.

What is the difference between BLS Household survey and Establishment survey? ›

The establishment survey shows a gain of 4,970,000 since January of 2022, while the household survey has shown an increase in employment of just 2,760,000, leaving a gap of more than 2.2 million. The main definitional differences don't change the picture much. Self-employment is up by 250,000 over the last year.

How many households does the BLS survey? ›

The Current Population Survey (CPS) is a monthly sample survey of 60,000 households.

Is the BLS survey mandatory in Florida? ›

This report is mandatory under Florida Statutes, Chapter 443, and is authorized by law, 29 U.S.C.

How often does the BLS conduct surveys for the unemployment rate? ›

Introduction. The Bureau of Labor Statistics (BLS) collects data each month on employment, hours, and earnings from a sample of nonfarm establishments through the Current Employment Statistics (CES) program.

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