Ticker: Almost half workers keep side hustle; Disney to layoff 7,000

Almost half of employed consumers hold a side job or have some other form of supplemental income such as selling artisan products, according to data released Monday by LendingClub Corp. in partnership with industry publication Pymnts.com.

And it’s not just low-income or cash-strapped households who are turning to additional income to help pay the bills, either.  Those earning $100,000 annually are more likely to have a growing supplemental income, the survey found.

Overall, consumers may be amassing more than $50 billion a month in cash through extra earnings — with a large portion of that money undeclared to tax authorities, according to the report.

“A vast majority of consumers became used to working from home during the pandemic, and after returning to work, many kept flexible hours and turned to alternative income streams to expand their earning potential beyond a 9-to-5 job,” Anuj Nayar, financial health officer at LendingClub, said in the report.

Disney to layoff 7,000

Walt Disney Co. this week begins its plan to cut 7,000 jobs as part of a wider effort to rejuvenate the Burbank entertainment giant’s finances and reach profitability at its streaming business.

The first wave of employees facing layoffs will be notified by Disney bosses over the next four days, Chief Executive Bob Iger said in a Monday memo to staff. A second, larger round of cuts will come in April with “several thousand more staff reductions,” followed by a final group before the beginning of summer.

The layoffs are spread throughout the company, affecting roles in the units formerly known as Disney General Entertainment and Disney Media and Entertainment Distribution, as well as corporate positions and jobs in the theme parks, according to people familiar with the matter.