Jobs Report Reveals Massive Job Losses In Leisure & Hospitality -498,000, Huge Miss Of Expectations

The jobs report was a huge miss of expectations and it came in at a decline of 140k jobs. Many sectors did see growth as they are considered essential while the job losses were concentrated in the leisure and hospitality sector as hotels and the restaurant sector continues to bleed jobs as customers look the other way in response to the current dilemma. This is likely to get worse as the terrible retail sales for brick and mortar is likely to spur cost-saving measures from many retailers and as we've seen we had two years in a row of record store closures! Goldman Sachs was the closest estimate projecting a loss of 50K but the overwhelming consensus among Wall Street Banks is the US would see a gain of 50K jobs. Our economy continues to decline and all we hear is a song from the fed about how everything is great!