The number of Americans filing new claims for unemployment benefits fell unexpectedly last week for the second time in a row, indicating the US labour market may be on the path to recovery. Initial claims for regular state unemployment benefits fell 17,000 to a seasonally adjusted 364,000 for the week ended 23 November, the Labour Department said. This is the lowest level of claims since the week to 17 February, 2001 The four-week moving average for initial jobless claims fell 11,250 to 385,750, marking the lowest level in the four-week moving average since the week ended 10 August. It also marks another week under the key 400,000 figure The decline in the unemployment figures will help to restore confidence in the run up to Christmas and encourage consumers to spend, which should fuel US fourth quarter GDP growth. Consumer spending accounts for two thirds of the US economy and recent sharp declines in consumer confidence indicators sparked concern that consumer activity would stall //www.fxcentre.com