Goldman Sachs said in a note to clients that the oil price shock could shave off around 10,000 new jobs per month through the end of the year, after accounting for expected job gains in the energy sector. The investment bank analyzed the potential impact of higher oil prices on U.S. employment across multiple sectors.

The firm's economists said 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 Sachs said consumers are likely to reduce spending in other areas, which could hurt growth and potentially slow hiring.

Goldman Sachs expects the hiring slowdown to be most pronounced in the leisure and hospitality sector. In its baseline scenario, the investment bank said the leisure and hospitality sector could lose around 5,000 jobs per month through the end of the fourth quarter.

The firm said retail trade, manufacturing, and education and health services are among the sectors most affected by higher oil prices. Goldman Sachs also said higher oil prices could increase the prices of other goods and raise inflation.

Historically, higher oil prices have led to new jobs in the energy sector. However, Goldman Sachs said energy sector job gains could be more muted because oil extraction has become more efficient in recent years.

The unemployment rate rose to 4.4% in February, according to the latest nonfarm payrolls report. The economy lost 92,000 jobs in February, the report showed.

Over the past year, hiring has slowed while job cuts have increased. According to the Labor Department, after accounting for downward revisions, the U.S. added 181,000 jobs last year, down from 1.4 million the previous year.