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Tags: Cramer | jobs | month | economy

Jim Cramer: August Jobs Report an 'Aberration'

By    |   Friday, 05 September 2014 12:04 PM

The August employment data released Friday don't provide a true picture of the labor market and economy, says CNBC commentator Jim Cramer.

Non-farm payrolls rose just 142,000 jobs in August, compared with expectations of more than 200,000. The August number came after six straight months of gains exceeding 200,000, the longest such streak since 1997.

"This is the inconsistent month. It's the month I least trust," Cramer stated. "I thought it was an aberration, and I'm not going to game a whole strategy off of this."

Editor’s Note:
New Warning - Stocks on Verge of Major Collapse

He said the jobs numbers don't jibe with evidence of strength in the retail sector. "Back to school has been so strong," Cramer noted. "It was a confusing number. . . . I'm a little stunned."

Retail sales were unchanged in July, the worst showing in six months.

But Cramer wasn't the only expert to view the jobs report as an aberration.

"Clearly it's disappointing, but the preponderance of evidence is that the economy is still gaining a lot of traction," Russell Price, senior economist at Ameriprise Financial, told Reuters.

Kate Warne, an investment strategist at Edward Jones brokerage, agrees. "I don't think it indicates much of anything," she told MarketWatch. "Everything else suggests we saw better job growth in August. This number doesn't make a lot of sense."

The unemployment rate dipped to 6.1 percent in August from 6.2 percent in July.

Editor’s Note: New Warning - Stocks on Verge of Major Collapse

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Finance
The August employment data released Friday don't provide a true picture of the labor market and economy, says CNBC commentator Jim Cramer.
Cramer, jobs, month, economy
254
2014-04-05
Friday, 05 September 2014 12:04 PM
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