ModusPwnd said:
With respect to getting a job at university, I would guess that the difference is that math departments need more faculty to teach and lecture because there are many students who need to take algebra and calculus. If this is true I would temper the enthusiasm for getting a university job with a math degree by pointing out that the math position will have more teaching and less research involved. I suspect that many math professors only teach and do no research. In physics departments there are usually only a couple professors who teach/lecture only and the rest do mostly research.
I do not believe that you are entirely correct about this -- whether or not math professors do research or not depends on the size of the department and the nature of the school (i.e. small liberal arts school, large research-intensive university, mid-size state-funded school).
For example, at the University of Toronto (my alma mater), almost all of the faculty members in the math department are involved with research, and I believe this is also the case with most research-intensive Canadian universities with sizable math departments (the University of Waterloo has an entire faculty of mathematics, one of the few in the world, but it's worth keeping in mind that the computer science department is housed in that same faculty). I also see no reason why the situation would be any different in US schools overall.
I would suspect that the reasons that math PhDs have an easier time landing an academic job can be summarized by the following:
(1) There are comparatively fewer math PhDs awarded relative to the number of faculty members, so you have less of a situation where PhDs are being "reproduced" relative to demand at various schools.
(2) Math PhDs may be more likely to find employment in departments outside of math, particularly if their research is of an applied nature. For example, it is not uncommon for someone who earned a PhD in applied math to find employment in, say, computer science, statistics, operations research/industrial engineering, or economics departments. This may be less true for those with a physics PhD.