Depends. If you're an applied math major with secondary skill such as demonstrated competency in programming, statistics, decision theory, or even economics, then you will probably be more employable than economics. However, if you simply go through a math program take one programming class and that's it, you'll have to do the hard work of selling your worth to someone.
While both degrees tend to require a masters for entry level jobs, you'll find more b.s. jobs for economist, at least in the federal government. However, I think if you plan to stay competitive in your field, eventually you'll need to get a masters to advance to a meaningful position.