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What does an Economist do?

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Talent.com talent.com
Answered November 16 2021
Career Expert at Talent.com
In the United States, the EST time zone leads the country, which means that most economists are the first to read the news as it breaks in the morning. Depending on their company’s contracts, they may review reports from all public and private sectors, especially those from the government itself.  
After gleaning the required information and new data, they begin a brief breakdown of the points among their team, discussing economic and financial trends and possible risks to help their clients navigate the market and succeed financially. They spend a large part of their day discussing these preliminary thoughts long before arriving at any concluding report.  
Economists are often sought after for financial advice, especially from news organizations, so there is a good chance they will need to provide a quote or some commentary to media outlets throughout the day. As such, Economists are viewed as spokespeople for their company. They often participate in public speaking and PR opportunities as much as once a day. If working for a large multinational, travel could be part of their day-to-day to meet with different regional managers. 

Roles and responsibilities of an Economist
Here’s a non-exhaustive list of everyday tasks Industrial Engineers are required to complete:  
  • Study economic behaviors and document their observations and recommendations for reports, presentations, or academic publications.   
  • Analyze all factors that may influence the global economy and the labor market.  
  • Collect, organize, and interpret data using specialized software, along with spreadsheet and database applications.  
  • Draft budget reports, estimating costs and profits and explaining economic repercussions.  
  • Design and apply mathematical and statistical methods to help collect and interpret data more efficiently and prove and demonstrate economic principles.  
  • Predict supply and demand of different goods and services considering previously registered sales, specific industry factors, and global economic trends.  
  • Analyze market trends before developing/launching new products and provide advice on marketing and sales strategies based on their observations.  
  • Research and analyze the consumption of renewable and non-renewable resources.  
  • Promote cost-efficiency measures and recommend ways to limit expenses.  
  • Evaluate the efficiency of currently established financial programs and policies.   
  • Advise private companies or governmental authorities on ways to improve or solve issues related to their economic activities.