TheStreet’s Jim Cramer is awaiting the release of the jobs report due out Friday morning. He says this is the number that most moves the markets. While economists surveyed by Bloomberg are predicting a gain of 227,00 new jobs for May, Cramer says if we get 220,000 he thinks we’ll be fine. He says this is what we need to see: a weaker dollar because this market cannot go higher unless the euro gets strong. Cramer says that Christine Lagarde, Managing Director of the International Monetary Fund, was right in saying that the Fed should not raise rates no matter what until 2016. The IMF’s recommendation came Thursday in its annual review of the U.S. economy. Fed policy makers however, have said that the central bank will raise its benchmark rate this year. The IMF also slashed its economic growth forecast for the U.S. to 2.5 percent from 3.1 percent in April. That’s after a disappointing first quarter during which the economy contracted. That’s why Friday’s jobs report will be important in determining whether we’ll see improvement in the second quarter. The 227,000 new jobs Bloomberg is predicting would be an increase from the 223,000 jobs that were added in April. The unemployment rate, which slipped in April, is expected to hold steady at 5.4 percent — the lowest level in seven years. On Wednesday, payroll processor ADP said 201,000 jobs were added in May in the private sector. Small businesses added 122,000 jobs, mid-sized companies added 65,000 and large companies 13,000. The ADP report often foreshadows the government’s report. The Labor Department will release the June jobs report at 8:30am eastern Friday.
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