Goldman says the US could lose 10,000 jobs a month this year as the oil shock ripples through the economy

"Goldman Sachs anticipates that 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."

"The upward pressure on unemployment primarily reflects lower hiring, with a smaller contribution from higher layoffs, in industries most exposed to weaker consumer spending."

"Goldman expects the hiring slowdown to be the most pronounced in leisure and hospitality, with the sector potentially losing around 5,000 jobs a month through the end of the fourth quarter."

Goldman Sachs predicts that the oil price shock may result in a loss of approximately 10,000 jobs per month in the US economy. The unemployment rate is expected to rise to 4.6% by the end of the third quarter. The analysis indicates that while the energy sector may see job gains, they will be muted due to increased efficiency in oil extraction. The leisure and hospitality sectors are projected to experience the most significant job losses, alongside retail trade, manufacturing, and education and health services.

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