Quit crying! This group is ready for buying

Eaton CEO: Confident in new products

Earlier this week, "Mad Money" host Jim Cramer spoke with Sandy Cutler, the CEO of the major industrial company Eaton Corp, and was shocked at what he heard.

Cutler provided his report card on the state of the world's largest economy. He confirmed that residential construction, non-residential construction, aerospace, cars and truck sectors are all very strong.

Despite all of the doom and gloom about how horrible the consumer is doing, Cramer's perspective was flipped on its head after this interview.

"When you think about it, that's a major portion of our economy which is performing well," the "Mad Money" host said. "Housing may only be ten percent of the economy, but it punches well above its weight. Eaton's blessing is big there."

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Non-residential construction is a large source of hiring in the U.S., and Cutler said lower oil prices have driven a lot of jobs in that industry. While may be on the rise again, it is still significantly lower than where it was just one year ago.

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Then there is the auto market, which is a huge force in the economy. Auto sales have been strong, which is great for auto retailers. However, the automakers have focused their attention on Europe and Latin America.

"I can't stress enough just how much Latin America is hurting any U.S. company doing business there. Brazil and Argentina are just miserable, and Venezuela rivals Russia as one of the worst places to do business on Earth," Cramer said.

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And while the auto stocks are focusing overseas, the strength in the domestic market is good for the U.S. economy.

As for trucks, Cutler believes that the U.S. could build more than 300,000 trucks this year. Cramer thinks this is a very good sign, because they don't build trucks unless they need them. Additionally, aerospace remains a large driver for the economy, which is more constructive news.

The only area that has remained weak is oil and gas. However Cutler confirmed that the decline in these areas has been a large net positive for the rest of the economy.

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So given these positive indications swirling around in the economy, Cramer is still confused as to why one area is still weak—retail.

"Given the comments we've been hearing broadly about the U.S. economy and specifically from Eaton's Sandy Cutler, I say it's time to recognize that this gloom about the consumer, just because of a slight rise in the price at the pump, is overdone," Cramer said.

That means it's time to take out your retail shopping list and start to pick your favorite retail players. Cramer thinks this group has finally bottomed and is ready for buying, especially the home improvement, department stores and big box chains.

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