By Tuesday We'll Know Something Very Big About The US Economy

As we've been pointing out, this is a huge week for the economy, as it's jam-packed with data that will tell us whether the economy is taking off or not.

The highlight of the week will come Thursday, when the June, Non-Farm Payrolls report will come out.

But we should know something interesting by Tuesday, when auto companies like Ford and GM report sales for June.

In May, auto sales surged to their highest level since the crisis, with sales coming in at 16.7 million annualized unit rate.

But the big May surge may have just been the result of pent up demand after the cold winter, not actually reflecting economic strength.

So sales are expected to slip a bit from 16.7 million (annualized) to 16.4 million.

If the slip to June is minimal, then that says the economy is still solid. If car sales fall much lower, then watch out.