Cramer's Morning Take: March Jobs Report 4/10/23

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

We did not have a show after the employment number came out. A couple of things that I think are salient. There was 236,000. Employment was the lowest number of monthly job additions since December 2020

Hourly wages were still up. They're up.3. And Jeff, you know that if we're supposed to have deflation, these numbers, as soft as they were, are not soft enough.

Jeff Marks (0:35)

Right. Wage, wage prices, wage growth still higher than expected. Some good things, though. Labor force participation rate ticked up.

That's good as well. Market interpretation perhaps gives the Fed another cover to raise 25 basis points in May.

But I know in your Sunday column last night, the excellent, very thorough story that you put out every single Sunday, that I know you work very hard on, you raised the issue about commercial lending. Yeah. How that by the banks, that fell 105 billion in the last two weeks. So can they really raise rates still?

Jim Cramer (1:12)

One of the things when you have, this is one of the reasons I have such problem with the federal government's numbers.

If you talk to a retailer, you'll hear on the conference call, well, what was the case? Meaning, was the month of May as going forward, what are you saying for May? What did you have for what we're doing April? How about March and February? So that you try to say, oh, I see it's turning.

Well, we should have intermonth numbers because these commercial lending numbers show me that March may have been this and then boom, and that is a number that is the lowest number since the Fed has been keeping numbers. So now you're starting to think lower number of loans than 2007, 2008 And you know what, Jeff, that worries me because a lot of these are small medium-sized banks, whom I think are very worried that the bank examiner is going to come in and hammer them because of how badly they did in San Francisco.

Jeff Marks (2:12)

Right. The heart of the issue is this regional bank community bank crisis tightened financial conditions, lending conditions.

Jim Cramer (2:23)

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