The economy is definitely decelerating. We see lots of reports that show weakness.

But we aren't weak. And I think that's really important.

We aren't weak, because we have data that are just too strong for me to write us off on punk employment numbers.

No, I am never going to write off the employment numbers as unimportant. Nothing is more important than employment. Nothing. We get jobs created, we get a boom.

But I also have to point out that the parts of this economy that are touched by jobs are better than the jobs numbers.

Theoretically, you should not be able to sell 14 million cars, for example, if we are going into a recession. That's way too high. Lots of companies go into making and selling cars, so I think we have to recognize that if you didn't know any better, we would be creating hundreds of thousands of jobs.

Or housing. Without a doubt, housing is not a growth engine. But it is also on the cusp of mattering as inventory is worked off. There's a perception that banks are still sitting on a huge number of homes. Maybe, but they are homes that are not desirable because the homebuilders are building homes they would not be building if they were worried about banks releasing inventory.

I think housing is finally on the mend. You would not be getting that if employment were being crushed.

We are on the verge of getting some new retail sales numbers, and while I know much retail selling has been pulled forward, we would not even be able to get any sales, let alone sales pulled forward, if we were truly already slipping into a recession.

It is true that government spending is lower, so government hirings are moving down, not up. We are seeing a decline in the manufacturing economy related to the slowdown in drilling, which matters because drilling and drilling-related activity had been the principal job generator in this country in the past few years. The low in natural gas and plummeting oil prices are worrisome for this new growth business, and if prices don't stabilize that, jobs will continue to disappear.

But that's not enough to offset the good.

No, I am not saying the economy is robust. I am saying that I think we are more robust than the employment numbers indicate. That's a dicey thing to say, but I think the employment number has created too much of a wave to the negative, and I believe we will get a re-evaluation if we just get anything good out of Europe.

Just pointing out that we have to temper the negativity until we see more data, because there is too much good data for me to think that we are anywhere near a recession. That's important, given that in 2011, when we were down and out, a recession seemed to be much more in the cards.

I'm not denying that things are worse globally. Brazil, India and China are all worse, and that matters more than the U.S. I'm just reiterating that if you can find stocks with domestic security, I still believe you will make money.

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust.

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