Despite several economic reports that point to a weakening recovery, Cramer on Wednesday told investors to "temper the negativity."
The "Mad Money" host acknowledged that there are a lot of things going wrong right now, but then again, they tend to be the same things that have been going wrong for a while. Yet the markets continue to sell-off every time it gets the same kind of reports. Instead of selling, Cramer would consider buying stocks now.
Employment was piece of economic news that got a lot of attention on Wednesday. The private sector added only 38,000 jobs in May, according to a jobs report from Automatic Data Processing and Macroeconomic Advisers, far less than what most analysts had expected. In April, the private sector had gained 177,000 jobs, down from the 179,000 initially reported.
But when it comes to employment, Cramer said ADP's stock is typically a better indicator of how things are going versus the jobs report. After all, the company's business is directly involved with payroll processing and its stock has been doing well lately, he said.
Elsewhere in the market, financial stocks led the blue-chip index lower, including Bank of America and JPMorgan . The banks are horrible, Cramer said, but they have taken some reserves. He still doesn't like the sector, but thinks bank stocks are a little overdone to the downside. JPMorgan isn't that bad, for example. He thinks it's the "best of the bad bunch."
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