Jim Cramer gave his thoughts on the January jobs report and what it reveals about the economy.
, crushing the Dow Jones estimate of a 187,000 gain. That marks the biggest increase in nonfarm payrolls since July 2022.
Stocks teetered on the news but ultimately slipped to end the trading session. The S&P 500 fell 1.04%, while the Nasdaq Composite declined 1.59%. The Dow Jones Industrial Average shed 0.38%. Cramer said that while stocks fell because the market is in "good news is bad news" mode – the stronger the economy is, the more the Fed will likely have to raise interest rates – the market still held up, more or less.
"My take is that the comeback from the initial negative reaction in the stock market today, before a move lower in the afternoon, has to do with faith. Faith in thinking that there won't be a recession. Faith that if the Fed wants to hit us with one or two more rate hikes, we'll be fine," he said.by a quarter percentage point. Chairman Jerome Powell signaled that the central bank isn't done raising rates despite economic indications that inflation is cooling down.
Cramer said that while the Fed still wants to tamp down inflation more, he believes a severe recession is "near impossible""Anyone who thinks the Fed will have to swiftly cut rates later this year because the economy's too weak [is] clearly fooling themselves," he said.at no cost to help you build long-term wealth and invest smarter.
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