CNBC’s Jim Cramer reviewed last Friday’s nonfarm payroll report and highlighted the thriving economy.
CNBC's Jim Cramer reviewed last week's nonfarm payroll report and highlighted the thriving economy, telling investors to not expect imminent rate cuts from the Federal Reserve.
"If you're hoping for Fed rate cuts ... I say maybe don't hold your breath. This economy doesn't need them," he said."Just be glad we aren't getting any more rate hikes.""If you're hoping for Fed rate cuts ... I say maybe don't hold your breath. This economy doesn't need them," he said."Just be glad we aren't getting any more rate hikes.
To Cramer, this monthly report contains the most consequential government data, adding that he's analyzed it for more than a decade and it's never lost its significance.by 303,000 in March, topping the Dow Jones estimate of 200,000. The unemployment rate crept closer to 3.8%, as expected.
Cramer also commented on what this report means for the state of the consumer, something always top of mind on Wall Street, as employment impacts consumer spending, he asserted. The report showed job growth in the leisure and hospitality industry, returning to pre-pandemic levels in February 2020. To Cramer, this means investors can worry less about a cash-strapped consumer, saying the data further indicates a roaring economy.
"We have a robust economy, so I'm a lot less worried about this upcoming earnings season," Cramer said."When I check the record, historically, this kind of job creation without a ton of inflation is about as good as it gets, regardless of where short-term interest rates are sitting."
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