July 2001 to June 2003 may have been dismal for the Dow Jones Industrial Average (down 14 percent), but it was a bull market for economics majors (up 23 percent). The greatest increase in undergraduate economics degrees over the two-year period was at state universities (up 32 percent), in particular large flagship state universities with economics Ph.D. programs (up 36 percent). Virtually all of the recent explosive growth in economics bachelors degrees has been in the public sector. Economics degrees awarded by private colleges and universities rose only 8 percent over the last two years, 16 percent at Ph.D. granting universities but only 1 percent at selective liberal arts colleges. This article contains statistics on recipients earning economics degrees.