4. Government employment is the last "swing vote" in the jobs market.
Last summer, I wrote that the economy needed 20,000 construction jobs a month, 10,000 from manufacturing (ADP says manufacturers added 12,000 in June) and 5,000 to 10,000 government jobs a month to get to 250,000.
The ADP report doesn't cover government hiring. Look for that in the Labor Department report tomorrow.
Goldman Finally Upgrades Netflix Stock -- but Is It Too Late?
Google Buys Songza and That's a Loss for Amazon
5. Bad journalism does not a bad economy make.
Forget the horror stories about how the housing market can't withstand 4% mortgage rates or how a flood of student loans is crippling first time buyers, let alone trendy stories about how millenials are so wrapped up in their cell phones they need neither homes nor cars and want to live with Mom forever.
Car sales are flirting with their 17 million units per year pre-recession peak, and home building, while still less than half its peak levels, is finding much more solid ground.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts