Unemployment Climbs Again: Good Days for Economics Majors

The BLS issued their October 2008 jobs report today.  As expected, unemployment rose to 6.5 percent, nearly a half a percentage point more than September’s already dismal numbers.    The healthcare and mining industry continued to add jobs, as they have throughout the summer and fall.

In light of these developments, what should someone just starting out in their work life or considering a career change do?  Last month, we recommended a degree in geology or geosciences.  This summer, we recommended the nursing field.  This month, we’d encourage aspiring college students to add economics to their list of practical, recession-proof majors. 

With the economic crisis picking up steam, the Bureau of Labor Statistics is hiring economists in major metropolitan areas across the United States.  Other branches of the federal government are also actively seeking this specialty, with 91 openings currently listed on USAJOBS.  As the government responds to the crisis and the Baby Boomer generation retires, more opportunities should be available every day.

To become a BLS economist you need:

A bachelors degree
With at least 21 credit hours in economics
And 3 credit hours in statistics, accounting, or calculus

These requirements should be within reach of many former banking and finance workers.  For those fleeing the finance industry, consider taking a few economics classes and applying to one of these secure jobs with great benefits.