Though the US industrial sector is down 2.3 percent in the past month, Jim Cramer is recommending that investors take a skeptical look at the foreign industrial sector as well.
Cramer correlated the falling interest rates with current events in Europe. "When you see the number from Germany, it's obviously very weak", he said on "Squawk on the Street" on Wednesday.
Germany reported a September manufacturing PMI of 49.9 on Wednesday, indicating the first contraction in fifteen months.
The hesitation in the European industrial sector stems from the simple fact that the world is a volatile place right now. Current events such as the war against ISIS, and the unrest in Ukraine have contributed significantly to the slow down in Europe.
"People really have to understand. Our interest rates are really controlled by foreigners right now," Cramer said.