The jobless rate in the US economy has soared to its highest level in over 8 months, toping 9.8% in November according to figures released by the US Labor Department, underlining concerns about the success of current US economic policy.

The announcement has led to a dim view on US economic health across the markets, which saw the dollar and the stock markets fall significantly on the news, as investors were quick to reflect their disapproval.

In contrast to the some 170,000 new jobs created in the US economy over October, November saw a rise of just shy of 40,000, which analysts have suggested has been insufficient to pick up the slack in the unemployed numbers, leading to the 0.2% rise in official unemployment figures.

The high unemployment figures have been seen as a ball and chain for the Obama administration, significantly hampering public polling figures and playing a considerable role in the administration’s mid-term electoral defeat.

With the US economic stimulus package vastly contributing to national debt and proving hugely politically unpopular, the rise in unemployment figures will be seen as a further vindication for critics of current economy policy.

Last Updated: December 6th, 2010