CNBC's Jim Cramer said the Federal Reserve has plenty of cover to raise rates after data showed the U.S. economy added 161,000 jobs in October on Friday.

"[The Fed] can say, 'Listen, we've got job growth, we've got people making a little extra money,'" Cramer said on "Squawk on the Street" on Friday. "I know that there is another whole [train] of thought, which just says, 'Hold on, we got to let it run.' But in an environment where they think these are emergency rates, these are not emergency job numbers. These are jobs numbers that you get when things are fine."