“If gas prices and other energy prices remain elevated in the coming months, that’s going to hurt the labor market,” economist Guy Berger said.
Some sectors could be more immune, such as healthcare, as it isn’t too energy-intensive. Meanwhile, Berger said restaurants, travel, and some recreation jobs could be affected, but he doesn’t expect a recession.
“If gas prices and other energy prices remain elevated in the coming months, that’s going to hurt the labor market,” economist Guy Berger said.
Some sectors could be more immune, such as healthcare, as it isn’t too energy-intensive. Meanwhile, Berger said restaurants, travel, and some recreation jobs could be affected, but he doesn’t expect a recession.
Oil shocks and the war may add another pain point when employers make their hiring decisions, or, as Berger put it, it’s hard to have a stronger job market as “we just keep getting pounded by these negative shocks.”
“The unresolved conflict in Iran and continued fallout from the oil shock will do little to assuage the economic concerns of employers,” said Elizabeth Renter, senior economist at NerdWallet. “Without some certainty of when these issues will be resolved and the ultimate gravity of effects, businesses will be reluctant to expand and hire.”
