Businesses and organizations will always need individuals who are skilled in the field of economics. Many companies rely on quantitative research and economic analysis to examine business cycles and improve marketing and sales. The growth of the global economy and increasingly complex financial regulations has also increased the demand for economics professionals, and that demand is expected to continue.
The Department of Labor predicts average employment growth of 2 to 4 percent for social scientists and related workers, and faster than average growth of 6 percent for economists through 2032. In May 2023, there were 16,420 economists working full time in the United States. The states with the highest number of jobs for economists are the District of Columbia, California, Virginia, Maryland, and Texas.
Through 2032, demand for economists will be supported by increasing financial regulations, a more competitive business environment, a more complex global economy, and the use of big data analytics in areas such as pricing and advertising. Job opportunities will exist in both private industry—particularly management, scientific, and professional consulting services—and federal agencies in the coming years. There will be strong competition for jobs; those with a master’s degree or Ph.D., strong analytical skills, and related work experience will have good job prospects. Bachelor’s degree holders will find job opportunities in finance, business, or consulting as financial analysts, market analysts, and research assistants.
Economists who specialize in market research, financial analysis, or public policy will find jobs with consulting companies. As cited by the American Economic Association, some examples of firms where economists work include McKinsey & Company, Boston Consulting Group, Bain & Company, Accenture, Charles Rivers Associates, Mathematica Policy Research, and NERA Economic Consulting. Economic analysts’ work in consulting firms will entail gathering and analyzing data, developing models of specific markets, and providing testimony in lawsuits and public hearings.
Economists will find good job opportunities in the market research industry in the next few years. Strong growth has occurred since the mid-2010s and businesses are increasingly relying on market research to attract more customers and improve sales. IBISWorld reports that the market research industry generates nearly $35 billion in revenue. As of July 2024, there were 42,268 market research businesses in the United States. Market research companies will need economists to help them with marketing analysis or research, broadcast media rating, opinion research, political opinion polling, public opinion polling, and statistical sampling.
Career opportunities in the political science field will be limited and competition is expected to be keen for the few jobs that become available. This is a small field: There were approximately 6,200 political scientists employed in the United States in May 2023. The Department of Labor projects faster than average growth of 7 percent for this field through 2032. Political and social scientists, including economists, will continue to be needed to research and analyze the effects of government policies, such as how well public services are working, the impact of departmental cuts, and the advantages of proposed improvements. Political research and policy organizations, lobbying firms, and many social, labor, and nonprofit organizations will need economics analysts with strong research and analytical skills to work on policies and issues specific to their field. Those with a master’s degree and policy research and analysis experience will have the advantage in the job market.
Academia will offer decent job opportunities for economics specialists. The outlook for postsecondary teachers overall is very good, with 8 percent employment growth predicted through 2032, according to the Department of Labor. Career opportunities will vary depending upon the field, with some areas offering more job prospects than others. Both political science and economics postsecondary teachers will experience 4 percent employment growth, which is as fast as the average.
Enrollment in colleges and universities was hindered by the coronavirus (COVID-19) pandemic at the beginning of the decade. According to a July 2024 Statista analysis, enrollment fell from 19.63 million in 2019 to 19.02 million in 2020. The student population continued to decrease in the following two years, dipping to 18.66 million in 2021 and 18.58 million in 2022. However, the firm foresaw conditions improving beginning in 2023, when enrollment was estimated at 18.94 million. After increasing to 19.25 million in 2024, the number of students attending U.S. colleges and universities was forecast to reach 20.23 million by 2031.
IBISWorld reports that the colleges and universities industry is a $558 billion business that has declined 2.5 percent since 2018. However, many schools have cut their budgets for full-time non-tenure and full-time tenure teaching positions. There will be more job opportunities for part-time postsecondary teachers, and those who have a Ph.D. in economics will have the advantage in the job market. The states that employ the highest number of economics teachers are New York, California, Massachusetts, Texas, and Pennsylvania.
The study of economics assumed greater interest in 2020 when a global coronavirus pandemic disrupted global and local economies, curtailed international travel and trade, and led to an unexpected rise in unemployment. In the U.S., GDP fell by 5 percent during the first quarter of 2020, and over 42 million Americans applied for unemployment as a global economic recession began. Fiscal policymakers struggled to contain or mitigate the effects of the virus and the resulting stay-at-home orders and quarantining, which naturally slowed the economy down greatly, and in the U.S. the government issued stimulus checks, payroll support grants and loans, and took other steps to help Americans weather the economic downturn. While economists played a role in managing many of these initiatives, professionals in this field were subject to the same risks of unemployment and financial uncertainty as workers in other fields.
Following the difficulties posed by the pandemic during the early 2020s, the world contended with new economic challenges as the decade progressed. These included inflation and skyrocketing interest rates that made it more expensive for consumers and businesses to borrow money. The Wall Street Journal revealed that grocery prices were 26 percent higher in July 2024 than they were in 2019. According to Trading Economics, at 5.25 to 5.50 percent in July 2024, the federal funds rate was at a 23-year high.
In early 2025, several key economic concerns occupied the minds of U.S. citizens, including employment rates, inflation relief, international trade, wage stagnation, and more. As economic trends and government administrations and policies change, economists will be needed to analyze details and help the government and industries make informed projections and decisions.