Money Matters: American economy loses jobs and Disney furloughs employees

Things expected to get worse before they get better

The Bureau of Labor Statistics reports that the U.S. economy lost 701,000 jobs during the month of March, as the coronavirus crisis started to take its toll.

March was the first time the economy lost more jobs than it gained in a month since September 2010.

Most of the job destruction was at restaurants and bars, followed by retailers and health care.

The health care industry lost 43,000 jobs last month as routine visits at dentists and physicians offices fell.

Experts say things will get worse before they get better.

One of the worst predictions comes from the St. Louis Fed, which has predicted unemployment could rise above 30 percent.

One positive note - most of the job loss is temporary, and should rebound once Americans resume normal activity.

Disney is not immune to the layoffs...

Walt Disney Company is furloughing employees whose jobs it says "aren't necessary at this time."

So far, only American workers will be affected. Furloughed workers will get to keep their benefits and can collect unemployment.

Disney is losing money left and right amid the pandemic.

Its theme parks are shutdown around the world, its cruises are suspended and some of its film releases have been delayed.

Disney is the parent company of ABC News.