Goldman says the US could lose 10,000 jobs a month this year as the oil shock ripples through the economy
Spencer Platt/Getty Images The effects of higher oil prices could cut slash 10,000 jobs a month, Goldman Sachs says. The bank said it expects the unemployment rate to rise to 4.6% by the end of the year. Higher oil prices can raise inflation and hurt consumer spending, which could worsen the hiring slowdown. The oil price shock could cost the US economy thousands of jobs a month, according to a new analysis from Goldman Sachs. In a note to clients on Thursday, a team of economists at the bank said they anticipate higher unemployment and slower job growth through the end of the year as the impact of higher oil prices ripples across the US economy. In the bank's baseline scenario, the oil price shock could shave off around 10,000 new jobs a month through the end of the year, even after accounting for expected job gains in the energy sector. While higher oil prices have historically led to new jobs in the energy sector, those gains could be more muted this time around, ...
