We did this correlation already, see here and here.

First, always go off of the four week moving average and Reuters is wrong, it's not initial claims below 400k, it's the four week moving average below 400k and that doesn't mean payrolls growth, it means hemorrhaging stopped, we're keeping up with population growth, breaking even such as the new terrible conditions require.

For job growth we need the four week average below 360k.

See the two links, there is a nice graph created showing the change in payrolls against the four week moving average.

Yeah, I know the financial press often pulls numbers out of their ass. These financial reporters do not calculate out from first principles, they simply ask someone else and then print that. At least that's my theory and why we get echo chambers that do not match the actual statistics.

Thank God for the St. Louis FRED system since they make instant eye candy so easy, we can now digest these statistics and get the general public to follow instead of reading these "articles" we see that are way too often wrong.