Layoffs continue to ease as new jobless claims fall 40,000 in two weeks

Notch another modest positive for the U.S. economy: Initial jobless claims fell another 10,000 to 514,000 for the week ended October 10, the U.S. Labor Department announced Thursday.

Even better, initial jobless claims have fallen about 40,000 in the past two weeks -- a substantial decline, and one that suggests the long period of large initial jobless claims is starting to subside and that the labor market is gradually improving.