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Job outlook for economic analysts in the United States
Are economic analyst jobs in demand?
Economic analyst job and salary trends over time
Economic analyst jobs over time
Economic analyst job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 1,109 | 0.00% |
| 2020 | 757 | 0.00% |
| 2019 | 744 | 0.00% |
| 2018 | 1,164 | 0.00% |
| 2017 | 1,118 | 0.00% |
Average economic analyst salary over time
Economic analyst salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $72,501 | $34.86 | +2.6% |
| 2025 | $70,645 | $33.96 | +1.7% |
| 2024 | $69,487 | $33.41 | +1.6% |
| 2023 | $68,384 | $32.88 | +3.1% |
| 2022 | $66,323 | $31.89 | +1.8% |
Economic analyst jobs by state
Most common states for economic analysts
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 555 | 80% |
| 2 | Virginia | 8,470,020 | 1,441 | 17% |
| 3 | Delaware | 961,939 | 166 | 17% |
| 4 | Massachusetts | 6,859,819 | 1,053 | 15% |
| 5 | Maryland | 6,052,177 | 798 | 13% |
| 6 | Colorado | 5,607,154 | 740 | 13% |
| 7 | New York | 19,849,399 | 2,108 | 11% |
| 8 | Washington | 7,405,743 | 826 | 11% |
| 9 | Rhode Island | 1,059,639 | 112 | 11% |
| 10 | Alaska | 739,795 | 80 | 11% |
| 11 | Vermont | 623,657 | 66 | 11% |
| 12 | Illinois | 12,802,023 | 1,331 | 10% |
| 13 | Minnesota | 5,576,606 | 561 | 10% |
| 14 | Connecticut | 3,588,184 | 362 | 10% |
| 15 | Wyoming | 579,315 | 59 | 10% |
| 16 | California | 39,536,653 | 3,491 | 9% |
| 17 | Georgia | 10,429,379 | 903 | 9% |
| 18 | Arizona | 7,016,270 | 620 | 9% |
| 19 | Oregon | 4,142,776 | 378 | 9% |
| 20 | Utah | 3,101,833 | 271 | 9% |
Most common cities for economic analysts
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Frankfort | 2 | 7% | $60,656 |
| 2 | Annapolis | 2 | 5% | $78,104 |
| 3 | Lansing | 2 | 2% | $68,060 |
| 4 | Santa Ana | 3 | 1% | $75,140 |
| 5 | Des Moines | 2 | 1% | $64,875 |
| 6 | Saint Paul | 2 | 1% | $73,185 |
| 7 | Urban Honolulu | 2 | 1% | $55,997 |
| 8 | Boulder | 1 | 1% | $66,502 |
| 9 | New York | 4 | 0% | $85,802 |
| 10 | Phoenix | 2 | 0% | $81,558 |
| 11 | Washington | 2 | 0% | $91,261 |
| 12 | Atlanta | 1 | 0% | $64,615 |
| 13 | Baton Rouge | 1 | 0% | $57,139 |
| 14 | Boston | 1 | 0% | $82,124 |
| 15 | Chicago | 1 | 0% | $70,879 |
| 16 | Denver | 1 | 0% | $66,403 |
Economic Analyst job outlook: Expert opinions
Our panel of economic analyst experts
UMass Lowell
Merrimack College
University of Northern Iowa
University of Cincinnati Clermont College
Florida Atlantic University
University of Washington
Christopher Newport University
University of Southern Maine
Western Kentucky University
Taylor University
John Jay College of Criminal Justice of the City University of New York
American University
University of Minnesota - Twin Cities
California State University - Los Angeles
Manhattan College
California Institute of Technology
Coastal Carolina University
Drexel University
What general advice would you give to an Economic Analyst?
Dr. Pablo Troncoso: If I were a student, I would do two things. First, do as many internships as you can. In my opinion, start the first summer semester. You could continue during the year if you like the job and the environment. If not, search for another opportunity. Thus, when you graduate, you can show more experience to employers. Second, take more math, statistics, programming, and economics courses during college. Employers look for people who can solve real-life problems involving math skills. It is a way to differentiate yourself from the rest of the candidates.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Dr. Pablo Troncoso: Looking ahead, I believe that programming is a crucial skill in today's job market, and artificial intelligence (AI) will only grow in importance in the near future. While these two areas are not identical, someone with a programming background will find it easier to adapt and learn AI. The applications of AI are expanding rapidly across various industries, from sports to financial companies, marketing, and service providers. This underscores the need for graduates to be adaptable and continuously update their skills to stay relevant in the evolving job market.
What will help Economic Analysts increase their earning potential?
Dr. Pablo Troncoso: I recommend that students keep their minds open. They usually have ideas about their jobs regarding activities, duties, responsibilities, and expectations. Sometimes, the reality is different than expected. This is because economics is a wide-open field, and companies require our graduates to perform many activities, from data analysis to financial services. Thus, they can perform some duties in the first months of their job and move to something else with time. Furthermore, the first job will likely not be the last. Nowadays, people switch more often, looking for better salaries or new adventures.
Michael Ciuchta Ph.D.
Associate Professor, Program Coordinator, Masters of Science in EntrepreneurshipUMass Lowell
Department of Marketing, Entrepreneurship & Innovation
What will help Economic Analysts increase their earning potential?
Michael Ciuchta Ph.D.: If all you want is the highest potential starting salary, then you should aim for careers that offer them. But that is a shortsighted way to view things. For example, many careers that have tournament-like pay structures (think entertainment) often have very low starting salaries but the so-called winners enjoy outsized financial gains. If you are thinking about a more traditional career, I think it's important to make sure you are more valuable to your employer than they are to you. This means you have to market yourself, both to your current employer as well as to potential ones. Of course, this approach may not be for everyone and maximizing your salary potential is only one thing you should be considering when assessing job and career opportunities.
What will help Economic Analysts increase their earning potential?
Christopher Clarke PhD: We live in an increasingly complicated world. We also have access to more data than ever before. Knowledge on how to collect, analyze, interpret, and communicate these ideas will continue to increase. The Bureau of Labor Statistics forecasts Data Analysts will grow by 35% over the next decade, far faster than the average occupation growth rate. The pay is higher, and the job satisfaction is rewarding.
What general advice would you give to an Economic Analyst?
Melissa Zimdars: To remember that you're going to learn a lot on the job and that failure is part of the learning process. It's okay to ask questions and to not know things, but you must be willing to take feedback, adjust, and grow.
What will help Economic Analysts increase their earning potential?
Melissa Zimdars: Recognize that your first career opportunity won't be your last. If the job you land after college does not have opportunities for growth or advancement, it's imperative that you keep an eye out for them elsewhere as you continue to gain experience in your field.
What general advice would you give to an Economic Analyst?
Zhengyang Chen He / him: To maximize your salary potential when starting your career in economics, consider two key strategies. First, aim to begin your career with a prestigious institution. If you're interested in macroeconomics, for instance, target organizations like the World Bank, International Monetary Fund, or Federal Reserve. These institutions not only offer competitive salaries but also provide invaluable experience and networking opportunities that can significantly boost your long-term earning potential. Second, consider pursuing advanced education, particularly a Ph.D. in economics or finance. While this requires a significant investment of time and effort, it can substantially increase your salary prospects, especially in research-oriented roles or high-level positions in financial institutions and consulting firms. A doctoral degree also opens doors to academic careers, which can be both intellectually rewarding and financially lucrative in the long run.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Zhengyang Chen He / him: As a new graduate in economics, it's important to recognize the versatility of your degree. While you may not find many job postings explicitly requiring 'economics' as a skill, the discipline provides a robust foundation for various careers in the business world. Don't be discouraged if some people perceive economics as impractical; instead, focus on the valuable skills you've developed. Your training in critical thinking, economic modeling, and conceptual analysis equips you with a unique perspective that can be applied to diverse professional contexts. Use these skills to rapidly adapt to new work environments, acquire additional competencies, and navigate complex business situations. Your economics background gives you a distinct advantage in understanding market dynamics and decision-making processes, which are valuable in numerous industries.
What will help Economic Analysts increase their earning potential?
Zhengyang Chen He / him: In the past three decades and foreseeable future, data analytics skills are likely to become increasingly crucial in the economics field. This trend necessitates a strong foundation in statistics, probability theory, coding, and data visualization. The synergy between economics and data analytics is becoming more pronounced; economic theory provides the framework to interpret data meaningfully, while data analytics offers new avenues to test and refine economic models. Proficiency in programming languages like Python or R, familiarity with machine learning techniques, and the ability to communicate insights through effective data visualization will be highly sought after. These skills will not only make you more competitive in the job market but also enable you to contribute more substantially to economic research and policy analysis.
Fawen Zhang PhD
Professor of AudiologyUniversity of Cincinnati Clermont College
Communication Disorders Sciences And Services
What will help Economic Analysts increase their earning potential?
Fawen Zhang PhD: This is perfect! Thank you so much. We will be sure to feature your response in the article and send a draft over for your review before we promote it.
What general advice would you give to an Economic Analyst?
William Luther: Economics is a powerful tool for critical thinking. The rise of AI, which has the potential to automate many tasks, will make critical thinking even more important in the future. Many people will blindly trust the machines. And, in most cases, that will probably work out just fine. But, in some cases, naive deference to AI will be disastrous. You will need to think seriously about an AI’s training data, its internal logic, and the way it handles your requests. You will need to assess the quality of its output. You cannot do those things well without thinking critically. And you will not realize the full potential of AI without doing those things well.
What Economic Analyst skills would you recommend for someone trying to advance their career?
William Luther: Focus on building a reputation. Initial hirings are made in a very low information setting. Employers know you completed your degree. They can see your GPA. But they don’t really know how hard you will work, how quickly you will learn new things, or how much attention you will pay to details. These are things they will learn about you in time. If you focus on building a reputation as a hard worker who sucks up relevant information while paying attention to details, they will notice. Of course, you will not likely be paid any extra at the outset for going above and beyond what you are required to do. But that’s OK. Building a reputation is an investment: the returns will come in the future.
What will help Economic Analysts increase their earning potential?
William Luther: It is tempting to think of college as the time when you acquire human capital and work as the time when you deploy it. In fact, most people acquire a lot of human capital in the first few years that they are working. A new job is an opportunity to learn. And, in order to learn, you need to accept that there is a lot you do not yet know at the outset. Identify colleagues with more experience and figure out why they do what they do. Observe. Ask questions. Reflect on their answers. In some cases, you will think that there is a better way of doing things—and you may be right. But, in many cases, there are good reasons for doing things the way they are done. Developing that understanding is essential.
What general advice would you give to an Economic Analyst?
Victor Menaldo: Learn, learn and learn some more. Adopt a growth mindset where you never stop learning. Gain economic literacy and financial literacy and historical literacy and statistical literacy. This will allow you to complement AI: ask it good questions, contextualize and evaluate its answers, and ask good follow up questions.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Victor Menaldo: Interacting with AI and knowing how to best exploit it to get the most out of it: increase productivity and value added in whatever field one is in.
What will help Economic Analysts increase their earning potential?
Victor Menaldo: Develop oral communication skills that allow you to speak in an articulate manner and organize your thoughts to signal your competence, knowledge, work ethic, and willingness to keep learning and improving.
What general advice would you give to an Economic Analyst?
Travis Taylor Ph.D.: For economics graduates starting their careers, adaptability and a diverse skill set are critical. Economics majors are equipped with in-demand analytical skills that extend far beyond traditional economist roles. Employers in various fields such as banking, sports analytics, budget analysis, and pricing strategy highly value the critical thinking and quantitative analysis skills that they bring. It's important to recognize and communicate how these skills apply across different roles, whether it's analyzing market trends for a sports franchise or managing financial portfolios. Engage in continuous learning to keep your knowledge and skills current (particularly in the era of AI), and expand your professional network through internships, conferences, and alumni events. This proactive approach will help you navigate your career path effectively, even in sectors that may not explicitly advertise for economists.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Travis Taylor Ph.D.: The integration of technology and economics will deepen, making skills in data science and artificial intelligence increasingly vital for economists. Proficiency in programming languages such as Python, STATA, or R, along with a strong grasp of machine learning applications, will enhance marketability. These technical skills, coupled with the ability to effectively communicate complex data insights, will be useful. Soft skills such as project management and collaborative problem-solving will also be essential as economic projects often involve interdisciplinary teams. For those interested in non-profit administration, understanding public policy, fundraising, and program evaluation will be valuable, as these roles require both economic acumen and the ability to secure and manage resources efficiently.
What will help Economic Analysts increase their earning potential?
Travis Taylor Ph.D.: To maximize your salary potential, consider developing expertise in specialized, high-demand areas such as quantitative modeling, financial technology, or public policy analysis. Certifications in data analysis, economic modeling, or compliance can also make you more attractive to employers. Look for opportunities in sectors that traditionally pay well for economic expertise, including technology, finance, consulting, and select government positions. One can also consider roles in growth areas like international commerce and non-profit administration where skills in economic analysis and budget management are in-demand. Effective salary negotiations start with being well-informed about industry standards and articulating your unique value derived from education/training, internships, and project experiences.
Tove Rasmussen
LecturerUniversity of Southern Maine
Specialized Sales, Merchandising And Marketing Operations
What will help Economic Analysts increase their earning potential?
Tove Rasmussen: Tove Rasmussen suggests that to maximize salary potential when starting a career in the field, individuals should...
What Economic Analyst skills would you recommend for someone trying to advance their career?
Timothy Rich PhD: Think about the types of jobs that interest you and the skills necessary for those jobs early. So many students start thinking about post-graduation life spring their senior year, when it should be an incremental process much earlier. Another pieces of advice would be to talk to faculty and alum about your interests, find internship or research opportunities when possible, and try to figure out early your strengths and weaknesses. It's easy for students, especially high performing ones, to not fully consider what their weaknesses are. I encourage students to jot down what they see as their skills too and to share them with others. It helps them to identify what's a common skill versus something that might make them stick out.
What general advice would you give to an Economic Analyst?
Dr. Sukjeet Sandhu PhD: It actually depends on which industry they belong to, but generally, they analyze data, conduct research, develop forecasts, prepare reports, advise on strategic decisions, evaluate policy impacts, and collaborate with various departments. Newcomers typically assist with data collection, support research, prepare reports, and learn economic analysis tools under supervision etc. It can vary depending on departments etc.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Dr. Sukjeet Sandhu PhD: Being a Business Economist is a great career choice today because companies need experts to understand and navigate the complex global economy. These professionals have valuable skills that can be used in many fields, from finance to healthcare. They help businesses make important decisions and adapt to changes. Plus, with the growing focus on sustainability and new tools for data analysis, Business Economists can make a significant impact on both the company’s success etc.
What will help Economic Analysts increase their earning potential?
Dr. Sukjeet Sandhu PhD: Business Economists find joy in seeing how their work directly influences important business decisions and policies. They value the flexibility of their skills, which allow them to work in different industries and roles. They also appreciate the stability of their profession, with steady demand for their expertise and the collaborative nature of their work environment. However, the job can be stressful at times. Business Economists often feel pressure to deliver accurate analyses quickly, which can be overwhelming. Managing large amounts of data can also be challenging. During economic downturns, the workload increases, adding to their stress levels etc.
Professor Shonna Trinch Ph.D.
ProfessorJohn Jay College of Criminal Justice of the City University of New York
Ethnic, Cultural Minority, Gender, And Group Studies
What will help Economic Analysts increase their earning potential?
Professor Shonna Trinch Ph.D.: My advice to anyone graduating in any field is to think about the skills they have acquired in college and to represent them well on their resume. If students have been trained in quantitative or qualitative research methods, they should be able to talk cogently about the types of analysis they can do for businesses, policymakers and the like. They should also be open to any field when they are first starting out. Today, businesses are interested in Diversity, Equity and Inclusion, and because many of these programs are not perfect, well-trained students in Ethnic, Gender And Minority Studies--as well as related fields like Cultural Anthropology-- are well positioned to take entry level jobs and critically analyze programs and implement them in justice-oriented ways.
What general advice would you give to an Economic Analyst?
Kara Reynolds Chair: Keep informed—read newspapers, listen to podcasts. In order for economists to make predictions and inform decision-makers they have to understand all the market and policy forces at play. The only way to do that is to pay attention to what is going on in the world around you.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Kara Reynolds Chair: Employers consistently highlight two sets of skills that are important to be a successful economist. First, young economists should feel comfortable working with big data and understanding leading coding packages like python, R, and Stata. Second, it is important to communicate your findings effectively to non-economists and economists alike—both in presentations and written reports. As AI becomes more important in the industry, it will be able to help economists with these tasks. But it will still be up to the economist to define the questions and set the parameters for all their projects.
What will help Economic Analysts increase their earning potential?
Kara Reynolds Chair: Do your research. There are plenty of public databases to help you research average salaries in individual companies, sectors, and geographic regions. Understanding what your skills are worth on the market will help you negotiate your maximum salary.
What will help Economic Analysts increase their earning potential?
Dr. Paige Novak P.E. (Minnesota), BCEE: Get experience on a lot of different projects, say 'yes' to learning and development opportunities, and take the PE when you are able.
What general advice would you give to an Economic Analyst?
Niraj Koirala: In my view, skills such as Machine Learning and Artificial Intelligence will become very popular in the field in the next 3-5 years. Therefore, I would advise new students in the field to focus more on data aspect of economics studies.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Niraj Koirala: Developing a general understanding of recent advancements in the field is always a good idea to increase salary prospects. Therefore, focusing on recent trends in the economics literature is very important. On top of that, things like certifications in economics also help professionals maximize students' salary prospective in the field.
What will help Economic Analysts increase their earning potential?
Niraj Koirala: The field of economics is dynamics as economies always have new economic issues. With new economic issues, new research methods are developed empirically and theoretically. Reading journals and attending economics seminars always help to sharpen students' economics knowledge. In addition to reading journals and attending conferences, developing networks with professionals in the field is always a good idea to improve oneself in the field.
What general advice would you give to an Economic Analyst?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
Nano Barahona
Assistant Professor of EconomicsCalifornia Institute of Technology
Business/Managerial Economics
What general advice would you give to an Economic Analyst?
Nano Barahona: Many people enjoy the intellectual challenge and problem-solving aspects of the work. Economists often appreciate the variety of projects and topics they get to work on, and they value the ability to influence policy and business decisions. The profession also offers a degree of autonomy and independence that other fields don't have. On the downside, the job can be stressful due to pressure and tight deadlines. The complexity of economic issues requires continuous learning and adaptation, which some might find overwhelming. Additionally, some economists, particularly those in research roles, may find the timeline of the projects too long.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Nano Barahona: Economics is a great profession to enter for several reasons. First, the growing demand for economists is fueled by increasing reliance on data-driven decision-making. This boosts the need for skilled economists who can analyze trends and advise on policy and business strategy. Economists also have diverse career opportunities across various sectors, including government, academia, private industry, and international organizations. In terms of career prospects, economists enjoy job stability and competitive salaries. The work is also impactful, as economists can influence public policy and business strategies, making a tangible difference in society and the economy.
What will help Economic Analysts increase their earning potential?
Nano Barahona: Academic economists typically engage in activities related to research, teaching, and advising students. Out of academia, an economist can perform activities such as data analysis, research, forecasting, report writing, consultation, and teaching. They spend a lot of time collecting and interpreting data using statistical tools, conducting research on economic issues, developing economic models to understand underlying mechanisms, and advising businesses and governments on economic strategies. For someone entering the field, the daily tasks might include data collection, conducting preliminary data analysis, reviewing existing literature to support ongoing projects, providing administrative support to senior economists, and participating in training sessions to improve technical skills.
Mark Chandler
Director of Government Relations and Professor of PracticeCoastal Carolina University
Intelligence, Command Control And Information Operations
What Economic Analyst skills would you recommend for someone trying to advance their career?
Mark Chandler: First, focus on being good at your job. Focus on learning your specific assigned area. Get the basics down – analytic skills, communication skills. Build a strong work ethic and professional foundation. If you can find a good mentor, link up with them. Be willing to go the “extra mile” in being a team player and doing things to help others on the team, and put in the hours. In intelligence, you will not always like what policy makers do or say. It’s not our job to agree or disagree with the policy, our job is to study the situation, present the facts and then present a fact-based analytic assessment. Keep opinion, bias, and politics out of our work. This will be a challenge, but it’s one you have to recognize in order to not succumb to it.
What will help Economic Analysts increase their earning potential?
Mark Chandler: If you go into the government, you will be limited to the standard government salary. If you go into the private sector, you will start on a lower pay scale (without experience), but have the potential to exceed the government pay structure a few years into you career. Higher education will provide assistance a few years after graduation (with a BA), but won’t result in significant salary bumps. The more experience you gain, the more marketable you become.
What Economic Analyst skills would you recommend for someone trying to advance their career?
Mark Stehr PhD: At the start of your career, it's very important to land a role where you learn a lot and find good mentors. The additional skills will pay dividends as your career progresses.