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Cramer Remix: Not worried about the jobs report

Earlier this week, the Institute for Supply Management (ISM) reported that the manufacturing sector fell to levels not seen since the great recession in 2009. While many were concerned about this horrendous reading, Jim Cramer wondered if the manufacturing economy even matters to the U.S. anymore.

"Does it provide that many jobs? Will lots of people be thrown out of work if it slows down more than it already has?" the "Mad Money" host asked.

On the eve of an all-but-certain raise in interest rates from the Federal Reserve, many investors fear that a hike in rates could prompt mass layoffs in manufacturing. The ISM manufacturing reading was 48.6, down from 50.1 in October. Economists were expecting a reading higher than 50. This was a shocking number to Cramer.

Rather than worry about a Fed rate hike, Cramer said that the most important question right now should be if manufacturing even matters anymore. The U.S. is much different than China, where report with a reading below 50 has severe international repercussions.

"But the idea of mass layoffs in the manufacturing sector that could occur if the Fed raises rates? I'm not buying it. Nor am I that worried," Cramer said. (Tweet This)

After decades of outsourcing manufacturing jobs, maybe we just don't have the masses to lay off anymore.

Read MoreCramer: Time to brace for mass factory layoffs?

An assembly worker works on Ford Mustangs at the Ford Motor Flat Rock Assembly Plant in Flat Rock, Michigan.
Rebecca Cook | Reuters
An assembly worker works on Ford Mustangs at the Ford Motor Flat Rock Assembly Plant in Flat Rock, Michigan.

In a rare occurrence, Thursday's market was just too crazy to buy and very easy to sell, Cramer said.

"Why don't we use today's session as a teaching tool, a way to examine what triggers selling and how sometimes it simply pays to sit on your hands and watch things unfold until they get less insane," the "Mad Money" host said.

So, what prompted the crazy selling?

Before the sun came up, it looked to Cramer that Thursday would make back some of the losses from Wednesday. People did not know the cause of the horrendous shooting in California and were not aware of a possible connection to terrorism; the market seemed to want to rebound.

But then European Central Banker Mario Draghi announced his next set of initiatives for Europe and did not deliver what the market expected. Cramer thought that gave big investors the impression that Draghi is either out of bullets or satisfied with how things are progressing.

Draghi's less aggressive plan had two repercussions: the European stock markets were crushed, and the dollar plummeted versus the euro.

"It is always very difficult to link real-life tragedy with something pedestrian as money. But we do know that mayhem produces fear, and fear produces selling. They do go hand-in-hand. Just a fact," Cramer said. (Tweet This)

With all of the events on Thursday, Cramer recommended for investors to sit tight. He can't blame anyone for taking action but reminded investors that the selling will always eventually stop.

Read MoreCramer: It's too crazy to buy stocks now

Now that consumers have made it through both Black Friday and Cyber Monday, many retail analysts have started to declare winners and losers. Cramer has always considered Fitbit as one of his favorite companies, and it seems that analysts are starting to agree.

So far, three analysts have anointed Fitbit, the dominant maker of wearable health and fitness trackers, as a major winner in retail. This comes at a time when Fitbit's stock could really use the good news.

With holiday season in full swing, Cramer spoke with Fitbit Chairman and CEO James Park to find out what investors can expect going forward.

Park commented on the strength of Fitbit during the holiday season, as its products have continued to sell without requiring a major discount. "That's because of the strength of the Fitbit brand and the loyal customer base that we have built up over the years," he said.

Read More Fitbit's 'Holy Grail' goal for insurance companies

James Park, CEO, Fitbit
Scott Mlyn | CNBC
James Park, CEO, Fitbit

Cramer also decided to take a closer look at two companies that are in the same business, but have totally opposite performance. Finish Line and Foot Locker are two major footwear retailers that sell pretty much the same merchandise, yet their stocks are very different.

Year-to-date, Foot Locker is up 16 percent and Finish Line is down more than 33 percent. What could cause these stocks to perform so differently from one another?

Cramer did not think it was a question of scale, even though Finish Line has less locations than Foot Locker. It all came down to management's ability to make smart decisions and execute them correctly.

"This is why I would be a buyer of the high-quality Foot Locker, and I would avoid Finish Line until the company can get its act together," Cramer said.


Another stock that has taken punishment lately is Box, the cloud-based storage provider and mobile business collaboration platform. It came public in Jan. 14 and spiked up to $23 on its first day of trading, but has since fallen to $13 on Thursday.

However, even though the stock has been crushed, many analysts have been extremely positive about Box's prospects after its last earnings report. So while the company is not yet profitable, Cramer felt it was worth acknowledging that the stock is extremely cheap versus other competitive cloud plays.

Cramer spoke with Box Chairman and CEO Aaron Levie, who commented about Box going public.

"We are very happy to be public, happy to be a post-unicorn company. I think it will be interesting from a Silicon Valley standpoint to watch over the next year or two what does happen to a lot of private companies," Levie said.


In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Western Digital: "It's down 42 percent [year-to-date] and it's a commodity play and an acquisition. I prefer the more proprietary plays like a Skyworks, like an Intel, which is certainly better."

Weibo: "Remember, we don't care where a stock is coming from. We care about where it is going to. I am not inclined to own anything from China right now. It's just not my thing."

Read MoreLightning Round: It's a stock with debt issues