Jim Cramer Elated By New Jobs Report: ‘This Number is Extraordinary!’

CNBC’s Jim Cramer was elated on Friday by what he called an “extraordinary” July jobs report, saying the United States is “a growth country.”

Friday’s jobs report showed that 528,000 jobs were added in July, exceeding expectations that 250,000 jobs would be added. Unemployment decreased to 3.5 percent.

Appearing on Squawk Box, Cramer pointed out to Andrew Sorkin that he’d previously said, “if these numbers come in way too hot, we’re in trouble even though I don’t want that to be the case.”

“And so we are,” he continued. “We can get back a lot of the gains we just had because it means that obviously when they come back if it stays hot.”

Regarding the jobs report, Cramer said, “This number is extraordinary! We’re a growth country! The rest of the world is not.”

“I agree with you Andrew, that, isn’t, shouldn’t we just take our hats off that we have the growth country of the world right now, he continued. “But obviously the stock market likes bad news not good news.”

“But that’s the question, is there a way to land the plane softly at this point,” Sorkin asked.

“Yes!” said Cramer. “Yes!”

In conclusion, Cramer said, “I think there’s something to be said for a country that’s very strong, and that number shows we’re very strong.”

Cramer echoed the enthusiasm of his colleague Rick Santelli, who called the jobs report a WHOPPER!”

According to the Bureau of Labor Statistics:

Among the major worker groups, the unemployment rates for adult women (3.1 percent) and Whites (3.1 percent) declined in July. The jobless rates for adult men (3.2 percent), teenagers (11.5 percent), Blacks (6.0 percent), Asians (2.6 percent), and Hispanics (3.9 percent) showed little change over the month.

Among the unemployed, the number of permanent job losers, at 1.2 million in July, continued to trend down over the month and is 129,000 lower than in February 2020. The number of persons on temporary layoff, at 791,000 in July, changed little from the prior month and has essentially returned to its pre-pandemic level.

The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 269,000 in July to 1.1 million. This measure has returned to its February 2020 level. The long-term unemployed accounted for 18.9 percent of the total unemployed in July.

The labor force participation rate, at 62.1 percent, and the employment-population ratio, at 60.0 percent, were little changed over the month. Both measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively).

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