A day after the Dow Jones industrial average posted its worst day in more than three years, Cramer breathed a sigh of relief on Friday when the U.S. Labor Department released a better-than-expected July jobs report.
Nonfarm payrolls increased 117,000, the Labor Department said, above market expectations for an 85,000 gain. In the same report, the count for May and June was revised to show 56,000 more jobs added than previously reported.
The unemployment rate dipped to 9.1 percent from 9.2 percent in June, but that was because discouraged job-seekers gave up the hunt.
"I do believe that things are fundamentally better off this number, just not in Europe," Cramer said. "I hate to keep talking about Europe, but it's what caused this decline."
European leaders came under heavy pressure on Friday to take decisive action to stem a spiraling debt crisis. The leaders of Germany, France and Spain scheduled crisis talks later in the day after China and Japan called for global policy cooperation to stop panic on the markets.
The U.S.'s job situation continues to weigh on markets, though, as some politicians are talking about cutting unemployment benefits as a way to reduce government spending. So long as these benefits are in place, there is little incentive for individuals to look for a job, some argue. Cramer said the U.S. needs job creation, but there should also be a "tied-over period" for those currently receiving unemployment.
"People can feel a little better about the unemployment number, but there are a lot of unemployed and we don't want them to suddenly just have their benefits taken away," the "Mad Money" host said.
Despite all of these woes, Cramer said he is eyeing two stocks in particular, namely Coca-Cola and Verizon Communications . Both companies have drastically re-financed and now have strong balance sheets, he said.
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—Reuters contributed to this report
When this story was published, Cramer's charitable trust owned Coca-Cola
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