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Bull sees bright spots beyond jobs report

Crucial economic data points show underlying strength beyond the most recent U.S. employment report, Deutsche Bank Chief U.S. Economist Joe LaVorgna said Friday.

"The six-month moving average is around 200,000, so that's OK," he said, citing job creation numbers. "And if you peel the onion back in GDP, private domestic demand the last two quarters has averaged over 3 percent."

The U.S. economy added 162,000 jobs in July, missing consensus expectations of 184,000.

LaVorgna had forecast 300,000 new jobs.

(Read more: Job growth disappoints; rate drops)

On CNBC's "Fast Money," LaVorgna said that with modest job growth and U.S. economic indicators, new questions were raised.

"So, the issue then is how much of this economy has been weak because of concerns of Europe, China?" he added. "How much of it is to the sequester?"

LaVorgna acknowledged that the market wasn't out of the woods yet.

(Read more: Real estate 'bubble in the making,' pro says)

"The economy's not great. The trend the last couple of quarters have been pretty lousy," he said. "But if we look at things like jobless claims, they're moving to new lows. The employment component of ISM was strong, and that data suggests to me the number should be higher. Maybe over time we'll get there."

LaVorgna added that he remained positive on stocks.

"I've been bullish for a while, still bullish on risk assets," he said. "Markets are still moving up."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Enis Tanner is long GS; Enis Tanner is long WMT; Enis Tanner is long UUP; Enis Tanner is long SPY PUTS; Stephen Weiss is long AIG; Stephen Weiss is long ETN; Stephen Weiss is long C; Stephen Weiss is long BAC; Jon Najarian is long AAPL; Jon Najarian is short puts GLD; Jon Najarian is long DIS; Jon Najarian is long LMT; Jon Najarian is long V; Jon Najarian is long TOL; Jon Najarian is long CVC; Jon Najarian is long HUN; Jon Najarian is long MAR; Jon Najarian is long OC; Jon Najarian is long MGM; Simon Baker is long AAPL ; Simon Baker is long WFC; Simon Baker is long SBUX; Simon Baker is long AMZN; Simon Baker is long VIAB; Simon Baker is long LNKD.

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