The Photo update lost all of my albums!

Open the sidebar in the Photos library with the Option+Command+S key combination. You're albums should be in the sidebar.

Moments in Photos are the new Events, i.e. groupings of photos sorted by date taken.

When the iPhoto Library was first migrated to Photos there is a folder created in the sidebar titled iPhoto Events and all migrated iPhoto Events (which are now Moments) are represented by an album in that folder. To open the sidebar if it's not already open use the Option+Command+S key combination.

NOTE: It's been reported by several users that if the Event albums are moved out of the iPhoto Library folder in the sidebar they may disappear. It's not widespread but several users have reported that issue. Therefore, if you want to assure that you keep those Event albums don't move them outside the iPhoto Events folder.

There's a way to simulate events in Photos.

When new photos are imported into the Photos library go to the Last Import smart album, select all the photos and use the File ➙ New Album menu option or use the key combination Command+N. Name it as desired. It will appear just above the iPhoto Events folder where you can drag it into the iPhoto Events folder

When you click on the iPhoto Events folder you'll get a simulated iPhoto Events window.

The downside to the simulation is that the Albums/Events can only be sorted automatically by Title. But they can also be sorted manually, either in the sidebar or in the folder's window at the right.

Tell Apple what missing features you'd like restored or new features added in Photos via Apple-Photos Feedback.

Explain more. Which Photo update? Did you update from a previous Photos version or did you migrate an iPhoto or Aperture library to Photos?

Are the albums, that are missing regular albums or smart albums?

Did you enable iCloud Photo Library on your Mac and enable iCloud Photo Library on an iPad or iPhone?

And we are still kept in the dark which versions of Photos you are using and where you updated from. So it is hard to guess, why your photos and albums are missing.

There is a bug that causes albums to be missing, if you enable iCloud Photo Library on an iPad or iPhone after you enabled it on your Mac,

Albums and photos may be missing, if the library is corrupted and needs repairing.

Did you update from a previous Photos version or just migrate the iPhoto Library?

If by "Albums" you really mean iPhoto Events, then they have been converted to Albums (Photos does not support Events) and have been all moved to a Photos album named iPhoto Events.

OT gave you all the other info you need.

IPhoto Events has one picture. When I go to a Time Machine Back up for iPhotos, I can see all of the albums there,

You may have migrated the wrong iPhoto Library to Photos, an older library with less albums. Check the "moments" view, if complete yeas of photos are missing.

Compare the size of the Photos library you migrated with the size of your main iPhoto library. Are the sizes equal?

Does your main iPhoto Library now show with a filename extension ".mgratedphotolibrary"?

Here's a screen shot as you can see all the albums I carefully created are now empty - this happened after moving from iPhoto to photos. I was working on Snow Leopard and had to move to Yosemite after the cat peed on my computer :-(((((( How do I get my albums reunited with the photos, i've 12,000+ images and it took forever.

Did you try repairing the library as léonie suggested earlier? Repair Your Library.