×

Cramer: US wage gap is growing despite jobs report

The wealth gap between Main Street and Wall Street continues to grow despite lower unemployment numbers, CNBC's Jim Cramer said Friday.

"It's ironic because wages are going down," Cramer said on "Squawk on the Street."

Cramer spoke after the Labor Department reported that unemployment had dropped in December by 0.2 percent to 5.6 percent. The department also said 252,000 jobs were created last month, but wages declined by 5 cents per hour.

Read More Chicago Fed's Evans: No rate hike before 2016

"When you get a tight job market like this, wages are supposed to go up, but they're coming down," Cramer said. "That has to be of great concern because the wages at the top aren't going down."

Cramer also said wages are lowering because of cheaper labor abroad. "You can pay an autoworker $22, or you go south to Mexico and pay him $5.50. When you're looking at Macy's, they're laying off people."

Read MoreRetailers are closing up shop. Here's why...

The drop in unemployment is beneficial for stocks despite its detriment to the labor force, Cramer said. "It's great for stocks because obviously the Fed has to be on hold" about raising interest rates, he said.