Most experts believed that around 175,000 jobs were lost in September. However, the Labor Department said that job losses for September were actually more than 260,000. Compared to the 200,000 jobs lost in August, the unemployment probably appears to be getting worse instead of better.

Overall, the Labor Department says that the unemployment rate in the United States is 9.8%. That number was also higher than expected.

On the day, the Dow Jones dropped about 0.2%, while both the S&P 500 index and the Nasdaq composite index fell about 0.5%. The Russell 2000 index was down about 0.6%.

Many analysts expect the downward trend to continue into next week after the poor job numbers. While the recession may technically be over, the unemployment numbers aren’t recovering at the expected rate.

Wall Street isn't happy with the job statistics (Image: Flickr)

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September Job Data Worse Than Expected

While the exact number of Faro Technologies workers that will be laid off in this latest round of job cuts isn’t known, it is estimated to be between 60 and 70 employees. The company says that all told, the job cuts will save the company more than $15 million per year.

Said Jay Freeland, the CEO of Faro Technologies: “Though the long-term opportunity for Faro remains strong, there is clearly some weakness in the current market. While we regret the impact of this decision on our employees, we believe the reduction in force is prudent and should help us return to profitability as soon as 2010.”

Faro Technologies makes portable imaging and measurement systems. Founded in 1981, the company is headquartered in Lake Mary, Florida. It also has offices in Germany and Singapore and branches in a number of other countries including France, Poland, Mexico, India and Japan.

Image: Flickr

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Faro Technologies Lays Off More Workers

Based in New York, Barnes & Noble had a division of the company that published cheap books. However, the company now instead will publish those books with Sterling Publishing. Barnes & Noble purchased Sterling Publishing approximately six years ago.

The number of Barnes & Noble jobs lost due to this news isn’t immediately known, however it’s expected to be less than 20. Earlier in 2009, the company eliminated more than 90 jobs. Those lost jobs were in the form of workers employed in the Barnes & Noble corporate headquarters.

Barnes & Noble has over 750 bookstores in the United States. Each state has at least one Barnes & Noble bookstore. The exact number of employees the company has isn’t known, but it’s believed to be around 40,000.

Barnes & Noble (Image: Flickr)

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Barnes & Noble to Cut Jobs

The government can paint a picture of a pending turnaround, but what do the workers around America actually think about what’s going on right now? New York commuters sounded off about the unemployment rates with many of them giving opinions about the administration and where the country is headed. Take a look at the video from CNNMoney.

In this other video from CNN, Anderson Cooper and several panelists talk about whether or not the economy is rebounding, despite the growing unemployment rate. Are there real signs that the economy is turning around?

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Reaction to the Unemployment Rates

The Dow Jones industrial average was up approximately 2% to 8,675.7. The S&P’s 500 index was up nearly 2.5% to 929.2, while NASDAQ was up more than 1% to 22.8. For the week, the Dow Jones rose nearly 4.5%, the S&P rose nearly 6% and NASDAQ rose more than 1%.

The two biggest reasons most stock market experts give for the jump on Friday were the results of the stress test on the banking industry and the result of the Labor Department’s job report. While the stress test showed that many banks need to raise more money, the results were as devastating as many experts predicted. In April, the job losses recorded in the month were the fewest in six months.

Overall, many experts believe that the stock market could continue to rise gradually for the rest of 2009 as the national and global economic woes improve.

NASDAQ (Image: Flickr)

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Dow Jones Rises to Complete Positive Week

Cytec Industries is a specialty materials and chemicals company that is based in New Jersey. The products they sell are in various industries including mining, aerospace, plastics, coatings and water treatment. However, with the global financial woes, the company is seeing a drastic cut in their sales.

In the first quarter of 2008, the company had nearly $980 million in sales. This year, their sales slumped to around $600 million in the first quarter.

In addition to cutting jobs, Cytec Industries said they are also going to cut its quarterly dividend.

Chemical Barrel (Image: Flickr)

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Cytec Industries to Cut More Jobs

Boeing Airplane (Image: Flickr)

The notice gives the employee a warning that their job will cease to exist in two months. Therefore, any notices given out today will result in layoffs in May.

In total, approximately 2,000 Boeing employees have be notified since the beginning of the year. Most of those notified recently were working in the Pacific Northwest region of the United States.

In total, Boeing employs more than 150,000 people around the world. The company, which was founded in 1916 by William Boeing in the city of Seattle, has been one of the many companies hit hard by the national economic crisis.

Although they are most well-known for their production of commercial airplanes, they also are involved in creating military aircraft, computer technology and space-related systems.

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Layoff Notices Given to 900 Boeing Workers

Caterpillar Logo - Source: Flickr

The reason Caterpillar is struggling is directly related to the poor economy. With less money floating around, construction has dried up throughout the globe.

In total, Caterpillar is expected to eliminate nearly 20,000 of their more than 110,000 employees. Pay cuts are also planned, with some executives losing up to 50% of their wages. Earlier in the year, Caterpillar announced that it would institute a hiring freeze.

The states affected by the latest layoffs are Indiana, Illinois and Georgia, with Illinois being the hardest hit state. Nearly 1,800 of the jobs being lost will be in the cities of Aurora and East Peoria.

By the end of trading on Tuesday, Caterpillar stock was at $26.83 after rising more than $.40.

Source: Wire Reports

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Caterpillar Lays Off 2,400 More Workers