Unemployment rates rose in 98 percent of U.S. metropolitan areas late last year, the Labor Department said Wednesday, reporting that joblessness increased in 363 of the biggest 369 metropolitan areas in December compared to a year ago. A wave of layoffs is hitting the country, missing no state. Damage from the housing, credit, and financial crises—the worst since the 1930s—has pushed the country into a recession, now in its second year. The weakening economy is forcing companies to cut jobs, reduce or freeze pay, and use other cost-saving measures to survive the recession. The U.S. unemployment rate jumped to 7.2 percent in December as employers cut hundreds of thousands of jobs during the month. Many economists expect the jobless rate will rise to 7.5 percent—a 17-year peak—in January, when the government releases new data on Friday.
