I can't tell for sure from your post if you were installing photoshop or trying to update it.
If the Creative Cloud desktop app lists applications as up-to-date when they aren't installed , see this link: http://helpx.adobe.com/creative-cloud/kb/aam-lists-removed-apps-date.html.
If you see something different, can you please give a few more details about your system, what you were trying to do, and what you saw?
Thanks, Pattie-F for responding so quickly. I was trying to update Photoshop. My installed version, 14.2.1 x64, says it is up to date, but there is no library panel as I have seen in some tutorials. Frankly, it runs normally. It is just that the library panel is not there and that makes me wonder if I have the latest update. I have only recently started trying to use the cloud and thought that this might be a useful addition.