The April jobs report, released May 8 at 8:30 a.m. by the U.S. Bureau of Labor Statistics, reveals just how devastating the coronavirus pandemic has been for the U.S. economy, impacting Wall Street to Main Street.
No sectors were spared, as the unemployment rate hit 14.7 percent and 20.5 million jobs were lost.
There were particularly heavy losses in hospitality and leisure; jobs plummeted by 7.7 million, or 47 percent. Almost three-quarters of the decrease—5.5 million jobs—occurred in food services.
The next hardest-hit sector was in education and health services, where 2.5 million jobs were lost. In health care, employment declined by 1.4 million, led by losses in dentist offices.
Another 2.1 million jobs were lost in professional and business services, with declines seen in temporary help services and in services to buildings and dwellings.
Retail trade also declined by 2.1 million jobs.
Manufacturing employment dropped by 1.3 million, with losses in auto and metals manufacturing.
As of Friday, coronavirus cases in the U.S. have surpassed 1.25 million.
What does this all mean for your portfolio? Jim Cramer will be breaking it all down during his monthly Action Alerts PLUS call. The live call will be streamed to StreetLighting so that everyone can see the advice Cramer and his team give to members every month. You can watch it live on Thursday, May 14 at 11:30 a.m. ET right here.