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ADP Jobs Number Is Boffo -- Here's What It Means for the Economy

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.

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