×

Cramer: This is not the number a bull would want

The American economy created 160,000 jobs in April — and either way you look at it, that's the wrong number, CNBC's Jim Cramer said Friday on "Squawk on the Street."

"This is not the number that a bull would want," Cramer said. "There's just not enough strength, and it's unfortunate that it's coming at a time that we're getting numbers out of China that were not as strong as we had had the previous month."

The nonfarm payrolls figure came in below the 202,000 expected, showing weakness in construction and retail. After the report, traders pulled back their expectations for Federal Reserve interest rate increases this year.

"You always want that number that's just a little bit better than what people are looking for, but not so hot that the Fed ... says we have got to tighten," Cramer said.

Stocks were mostly lower after the report, with the healthcare and utilities sectors in the red and financials clinging to gains. Retailers posted April same-store sales Thursday, which rose only 0.1 percent, lower than the 1.4 percent predicted by Thomson Reuters consensus estimates. Meanwhile, bank investors were expecting higher interest rates to come, according to Cramer.

"Retail has been very, very weak," Cramer said. He added: "Look at these bank stocks. They're acting as this is a recessionary number. But it's not. It's just an OK number."

Cramer said there has not been enough job growth to fit the thesis of what has happened since stocks bottomed in February.

"I think a lot of people are saying, 'Well, freight's been going down, oil's going down, the dollar's not doing what we thought it was, copper is going down, gold is doing the wrong thing, going higher,'" Cramer said. "So you get this mixed picture that just says, 'Wow, we could have used a little more job growth.'"