Cramer's Morning Take: Jobs Report 12/8/23

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Jim Cramer (0:31)

Hey, it's Cramer. And this is my morning take on the market from today's CNBC Investing Club morning meeting.

We had a series of numbers today where some people have a lot of misperception. We're actually looking for good, because good is good. We're now trying to take off the table the idea that there could be a recession. Jeff, I saw so much that was good in this. I was surprised initially that the market was down.

Jeff Marks (0:54)

Yeah, and this comes even as bond yields are spiking today, but the job report, it was good. 199,000 jobs added, looking for around 185 Unemployment rate falls 3.7 from 3.9.

Average hourly earnings up slightly, 4% year over year. So it's not like it's super hot, but what really happened to the market was at 10

And that's when this University of Michigan survey results came out. Consumer sentiment much better than expected. 69.4 versus 62 But inflation expectations tumbled. 3.1 versus 4.3 expected was 4.5 in the last reading. And so this concept of, okay, we still have a pretty decent labor market, but inflation is coming down. That was kind of this nirvana for equities.

Jim Cramer (1:44)

Every country is envious of that and what we have. And yet we have so many people that are quoted who think that there's going to be a hard landing.

This is directly contradicts these series of numbers. It says, listen, people are not as worried about inflation. They have jobs, but at the same time, if you're Jay Powell and you, of course, they meet next week, why make a move? Let it stay here.

Jeff Marks (2:11)

They got jobs at the best time of year two, holiday season, it's always great to see that, especially for the shopping season as well. So it was a good report.

Jim Cramer (2:21)

Yes, it was.

Jeff Marks (2:22)

And this comes off of a strong day yesterday. Oscillator's still overbought, really no budge there, but we're still seeing a little bit of this flop and chop and markets hanging in after a strong November.

Jim Cramer (2:36)

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