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Here’s How Much Money Economists Make In Every State

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The job title of “economist” is a pretty cool one to be able to put on a business card. Perhaps it’s because of the air of authority the title “economist” evokes. Being a economist entails collecting and analyzing data, researching tends and evaluating economic issues for resources, goods and services. According to the Bureau of Labor Statistics’ (BLS) Occupational Outlook Handbook, employment of economists is projected to increase faster than average, with approximately 1,700 new economist jobs being added from 2018 to 2028, an increase of 8%. There are currently only 21,000 economists in the United States.

Using occupational data from the Bureau of Labor Statistics, we’ve analyzed and compiled a round-up of the average economist salary by state in the U.S. Read on for a full breakdown of where economists make the most money, and where they’re making the least.

10 States Where Economists Earn the Most Money

The national average annual wage of an economist is $116,020, according to the BLS, which is more than double the average annual salary for all occupations, $51,960. However, the average economist salary swings significantly from this depending on the state you’re in. The worst-paying states for economists pays on average nearly $55,000 less than the national average.

Here’s a look at the top-10 states where economist salaries are the highest:

  1. New York average economist salary: $127,520
  2. Virginia average economist salary: $126,080
  3. Ohio average economist salary: $125,490
  4. California average economist salary: $124,430
  5. Massachusetts average economist salary: $117,680
  6. Maryland average economist salary: $116,870
  7. Missouri average economist salary: $112,240
  8. Georgia average economist salary: $111,570
  9. Illinois average economist salary: $108,690
  10. Texas average economist salary: $106,480

There are 15 states in which the average economist salary is higher than $100,000. Though New York takes the No. 1 spot, if you look at change over time, the state’s wage growth for the last five years is wanting. In New York, economist salaries increased by only 7.4% from 2013 to 2018, while in No. 5 Massachusetts the average rose by 23.6%, and in No. 4 California the average economist salary grew by 27.2%.

Related: The Best States to Start a Business

10 States Where Economists Earn the Least Money

The bottom-10 states where economists make the least money are a geographically mainly located in the U.S. South, Midwest and Mountain division of the West. Though economist salaries are lower here, these states in general have cheaper-than-average cost of living. There are 16 states in which the average economist salary is over $30,000 less than the U.S. overall average.

Here’s a look at the 10 worst states for economist’s salaries:

  1. Idaho average economist salary: $61,130
  2. West Virginia average economist salary: $68,430
  3. South Carolina average economist salary: $68,550
  4. Kansas average economist salary: $72,600
  5. New Hampshire average economist salary: $74,570
  6. Arkansas average economist salary: $75,380
  7. Mississippi average economist salary: $75,450
  8. Oklahoma average economist salary: $76,500
  9. Nevada average economist salary: $79,170
  10. Wisconsin average economist salary: $80,070

There is some good news, for West Virginia at least. In that state, the average economist salary has grown by an incredible 38.2%, from $49,500 in 2013 to $68,430 in 2018. Although still substantially lower than the national average, West Virginia’s salary trajectory is strongly positive, unlike some other worst-paying states, like South Carolina where incomes have outright declined in the last five years. Economist salaries dropped the most in Indiana, where the average annual wage went from $198,120 in 2013, down to $84,740.

How Much Do Economists Make in Each State

Below you’ll find the average annual wage for economists for as many states that the BLS had data for, from 2013 to 2018.

More on Forbes:

Here’s How Much Money Psychologists Make In Every State

Here’s How Much Money Dentists Make In Every State

Here’s How Much Money Nurse Practitioners Make In Every State



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Airbnb Imagines a ‘Stakeholder’ World

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Brian Chesky, Airbnb’s co-founder and C.E.O., spoke exclusively to Andrew last night about the company’s announcement today that it will think about all “stakeholders” when it comes to corporate governance, not just investors.

The move is Mr. Chesky’s take on the Business Roundtable’s recommendations last year that companies consider employees, the environment and more in their business decisions.

• Airbnb is planning to hold a “Stakeholder Day.” It would be like a traditional annual shareholder meeting — except that everyone from customers to “hosts” to employees and others will be invited.

• It will also change its compensation program, with factors important to stakeholders like progress on guest safety taken into account when bonuses are calculated.

“I don’t want to be one of those C.E.O.s to say we’re trying to do all this great stuff, but then we treat board meetings exactly like every other board meeting,” Mr. Chesky told Andrew. He added that he doesn’t think this is particularly radical: “I think this is where the world is going.”

The big picture:

• Airbnb remains under fire on a number of fronts, including battles with regulators over housing laws, concerns over the safety of its customers and claims of discrimination by hosts. They’re among the struggles that surround the company’s plans to go public this year.

• It’s unclear whether investors, as one of many groups of stakeholders, will embrace their diminished stature within Airbnb’s universe.

• And it remains to be seen whether the new goals will increase the company’s valuation in its market debut.

Apollo Global Management is one of Wall Street’s biggest private equity firms, managing over $320 billion in assets. Apollo’s success is due in large part to the strategies of its founder, Leon Black, who gets his close-up in this week’s Bloomberg Businessweek cover story.

“Black’s aggressive approach — involving layoffs and slashing benefits — is also among the most profitable,” Caleb Melby and Heather Perlberg of Businessweek write. “Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44 percent.”

Highlights from Mr. Black’s career include:

• Working with Mike Milken on junk bonds, a term Mr. Black still hates because competitors came up with it: “We were never accepted by the Goldmans and the Morgans and the Kidder Peabodys and the First Bostons.”

• Investing where others wouldn’t dare. “Everybody else is running for the doors, and we’re backing up the trucks,” Mr. Black told Businessweek.

But his biggest problem right now might be his association with Jeffrey Epstein:

• The depths of Mr. Black’s financial ties to the late financier are unknown, but he is known to have given $10 million to Mr. Epstein’s charity and persuaded the financier to invest in a friend’s muffler company.

• “After Epstein was found dead in his Manhattan jail cell a month later, former Apollo employees joked darkly that his death had made Black’s life easier.”

President Trump ribbed a top JPMorgan Chase executive this week when he said her bank should thank him for its stellar earnings. He may have had a point, at least when it comes to his tax cuts, writes Yalman Onaran of Bloomberg.



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The economy is continuing to catch up to the stock market: Morning Brief

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Friday, January 17, 2020

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Consumer, labor, housing data impress and stocks hit new highs

In the December 17, 2019 edition of the Morning Brief newsletter, we said the stock market was catching up to the economy. The stock market had just hit record highs. Housing and manufacturing data had topped expectations. The economic data was filling in the blanks of the story the stock market had been telling investors for a couple months: better days are ahead.

Exactly one month later, the story is once again worth reiterating.

On Thursday, all three major indexes closed at record highs. For the second time in history, the Dow (^DJI) closed above 29,000. And the stock market continues to both indicate better times ahead, while the data continue bolstering the economic story implied by frothy financial markets.

During Thursday morning’s economic data deluge, investors were treated to solid data on the state of the U.S. consumer, the labor market, and the housing market.

The week’s most anticipated economic figure — the December reading on retail sales — impressed. Sales rose 0.3% over the prior month, matching both Wall Street estimates and the increase seen in each of the last two months.

But the data got better when looking at “core” retail sales (which exclude autos, gas, and building materials) as December saw a 0.5% improvement in “core” sales, a notable pickup from the 0.1% advance seen in November.

Core sales are also what feeds into GDP, and analysts at Oxford Economics note this data suggest real consumer spending rose at an annualized rate of 2.2% in the fourth quarter, with overall GDP growth now on track to advance 2.5% to finish the year. Elsewhere, Bloomberg’s consumer comfort index rose to its highest level since October 2000.

“A critical question as we begin this new decade is whether the US consumer can continue to pull more than its weight,” Oxford Economics said in a note published Thursday. “Resilient labor market conditions, surging stock prices, and lower gasoline prices all came together to prop up consumer outlays last year, but we expect this powerful combination to fade gradually.”

Part of Oxford’s analysis is due to what it calls “cooler” employment trends. In December, for instance, the U.S. economy created 145,000 jobs — fewer than expected and a notable slowdown from November’s job gains of 260,000.

The Charging Bull sculpture by Arturo Di Modica, in New York’s Financial District. (AP Photo/Richard Drew, File)

Some investors had also grown wary of the labor market due to weekly initial jobless claims data, which had been somewhat elevated at the end of 2019. Thursday’s reading, however, should quell some of these concerns.

Jobless data fell to 204,000 for the week ending January 11, the lowest level for claims since early November. Economists expected claims would rise modestly to 220,000.

Ian Shepherdson at Pantheon Macroeconomics said Thursday that, “Claims have now reversed their early December spike, which was due to seasonal adjustment problems after Thanksgiving. The trend likely remains about 215K, a record low as a share of the employed workforce.”

The January sentiment index from the National Association of Home Builders released Thursday also showed continued positivity in the housing sector. The index registered a reading of 75, just one point below December’s 20-year high. The last two months mark the highest sentiment levels for home builders since July 1999.

NAHB chief economist Robert Dietz said in a release Thursday that, “with the Federal Reserve on pause and attractive mortgage rates, the steady rise in single-family construction that began last spring will continue into 2020.”

Dietz notes, however, that the housing market is still grappling with headwinds we’ve seen in place for years: A lack of labor to build and a lack of inventory for starter homes.

Which aren’t bad problems to have.

By Myles Udland, reporter and co-anchor of The Final Round. Follow him at @MylesUdland

What to watch today

Economy

  • 8:30 a.m. ET: Building Permits, December (1.467 million expected, 1.482 million in November)

  • 8:30 a.m. ET: Housing Starts, December (1.380 million expected, 1.365 million in November)

  • 9:15 a.m. ET: Capacity Utilization, December (77.2% expected, 77.3% in November); Industrial Production month-on-month, December (0.0% expected, 1.1% in November)

  • 10 a.m. ET: University of Michigan Sentiment, January preliminary (99.2 expected, 99.3 prior)

Earnings

Pre-market

  • Notable reports include Kansas City Southern (KSU), JB Hunt (JBHT), Schlumberger (SLB), Fastenal (FAST) and State Street (STT)

Read more

Top News

Alphabet appears on a screen at the Nasdaq MarketSite in New York. (AP Photo/Richard Drew, File)
Alphabet appears on a screen at the Nasdaq MarketSite in New York. (AP Photo/Richard Drew, File)

Google parent Alphabet market cap hits $1 trillion [Reuters]

China posts weakest growth in 29 years as trade war bites, but ends 2019 on better note [Reuters]

Gap pulls plug on Old Navy spinoff to focus on turning around sales [Reuters]

YAHOO FINANCE HIGHLIGHTS

DoubleLine’s roundtable of experts highlight a big risk lurking in the stock market

Trump’s Apple threat would put every iPhone on Earth at risk

Coca-Cola’s Powerade adds new products to its lineup

Editor’s Note: Morning Brief will be observing Martin Luther King Jr. Day on Monday, January 20. It will resume on Tuesday, January 21.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.





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Top U.S. officials add pressure on S. Korea to contribute more to defense costs

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폼페이오•에스퍼 “한국, 방위비 더 많이 기여해야”

Top U.S. officials are stepping up the pressure on South Korea to shoulder a larger burden of the costs of station American troops here.
In a rare op-ed in the Wall Street Journal by U.S. Secretary of State Mike Pompeo… and defense secretary Mark Esper, they say Seoul can and should pay more.
The officials said that Washington’s contributions to Seoul’s defense far exceed the cost of U.S. ‘boots on the ground’ and constitute a far larger burden for the American taxpayer than meets the eye.
Although the U.S. says it has scaled back its proposal,… it had initially demanded five billion U.S. dollars a five-fold increase from what Seoul agreed to pay under last year’s deal.
The two secretaries said that improved burden-sharing arrangement will benefit both sides,… adding that over 90 percent of South Korea’s contributions go back to the local economy.
They also said that Seoul’s larger share will ensure the alliance remains the linchpin of peace and prosperity in the region.

#U.S. #SouthKorea #defense

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