Economists

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Total Workforce

28.2k

Average Age

44.7

Estimated Job Growth

6.1%

10-year projection

Average Salary

$148,643

Average Male Salary

$156,985

Average Female Salary

$123,656

About

Economists are most often employed by the Administration of economic programs & space research industry. The average yearly wage for Economists was $148,643 in 2016. The top 3 most similar occupations to Economists by wage are Securities, commodities, & financial services sales agents, Actuaries, and Petroleum, mining & geological engineers, including mining safety engineers.

Employment

Information on the businesses and industries that employ Economists and on wages and locations for those in the field. Administration of economic programs & space research is the industry that employs the most Economists, both by share and by number, though the highest paid industry for Economists, by average wage, is Securities, commodities, funds, trusts & other financial investments. Economists are paid most in McLean & Idylwood PUMA, VA but are relatively concentrated in Bethesda, Potomac & North Bethesda PUMA, MD.

Wages

Yearly Wage

$148,643

AVERAGE SALARY

± $19,601

In 2017, Economists earned an average of $148,643, $96,579 more than than the average national salary of $52,065.

Securities, commodities, & financial services sales agents make somewhat more than Economists while Petroleum, mining & geological engineers, including mining safety engineers make somewhat less. This chart shows the various occupations closest to Economists as measured by average annual salary in the US.

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Wage Distribution

0.356

WAGE GINI

In 2016, Economists had a wage GINI coefficient of 0.356, which is lower than than the national average of 0.479. In other words, wages are distributed more evenly for Economists (shown in red) than for the overall labor force (shown in gray).

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Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Economists.

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Spatial Concentration

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Economists.

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Industries

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Industries by Share

28.2k

2017 Workforce

± 4,121

10.2%

1 YEAR GROWTH

± 19.2%

The number of people employed as Economists has been growing at a rate of 10.2%, from 25,559 people in 2016 to 28,174 people in 2017.

This graphic shows the share of Economists employed by various industries. Administration of economic programs & space research employs the largest share of Economists at  16.4%, followed by Management, scientific & technical consulting services with 15.1% and National security & international affairs with 9.97%.

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Diversity

Demographic information on Economists in the US. The average age of male Economists in the workforce is 46.3 and of female Economists is 40.1, and the most common race/ethnicity for Economists is White.

Gender Composition

21.1k

MALE WORKFORCE

± 3,568

7.05k

FEMALE WORKFORCE

± 2,062

75% of Economists are Male, making them the more common gender in the occupation. This chart shows the gender breakdown of Economists.

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Race & Ethnicity

Most Common Race or Ethnicity of Economists

  1. White

  2. Asian

  3. Black

77.9% of Economists are White, making that the most common race or ethnicity in the occupation. Representing 12.3% of Economists, Asian is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Economists.

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Age by Gender

46.3

AVERAGE MALE AGE

± 2.39

40.1

AVERAGE FEMALE AGE

± 3.18

The median age of Economists is 44.7, and Male employees are generally 6.19 years older than than their Female counterparts.

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Education

Data on higher education choices for Economists from The Department of Education and Census Bureau. The most common major for Economists is Social Sciences but a relatively high number of Economists hold a major in Social Sciences.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

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Skills

Data on the critical and distinctive skills necessary for Economists from the Bureau of Labor Statistics. Economists need many skills, but most especially Reading Comprehension. The revealed comparative advantage (RCA) shows that Economists need more than the average amount of Management of Financial Resources, Programming, and Mathematics.

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Growth Projections

Projections on wages and job growth for Economists from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 7.4%, but Economists are expected to see a growth of 6.1% over the same period. This occupation is expected to grow slower than the national average.

Job Growth

6.1%

ESTIMATED GROWTH

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Economists. This profession is expected to grow lower than 7.4%, the average rate of national job growth.

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