I don’t see anything here that makes me feel confident,” Cramer said on “Squawk Box,” referencing the sectors that showed strong employment gains, such as eating and drinking establishments, which rose by 502,000, and retail, which added 258,000 jobs.
“Drinking places are all being shut. That is just a huge part of the equation,” said Cramer. “They had the nonessential [retailers] come back. Well, how are those guys doing? Horribly. I suspect that we’ll see big layoffs there.”
Overall, the U.S. unemployment rate fell to 10.2% from its previous mark of 11.1% in June, exceeding economists expectations. However, Cramer said he is worried that any indications of progress could be threatened by the persistence of the coronavirus in the U.S.
“Drinking places are all being shut. That is just a huge part of the equation,” said Cramer. “They had the nonessential [retailers] come back. Well, how are those guys doing? Horribly. I suspect that we’ll see big layoffs there.”
Overall, the U.S. unemployment rate fell to 10.2% from its previous mark of 11.1% in June, exceeding economists expectations. However, Cramer said he is worried that any indications of progress could be threatened by the persistence of the coronavirus in the U.S.
Jim Cramer by Talk Media News Archived Galleries is licensed under Creative Commons Flickr
Comments