Jim Cramer reacts to September jobs report and Covid's lingering impact

[00:00:00] Speaker 1: When I spoke to Marty Busey this week, who's the CEO of Paychex, which is, you know, there's 700,000 different companies. It's so clear that the boomers have just said, you know what, enough is enough. Now, they do have savings. Obviously, the stock market's been great. They do read the numbers. I think that we sometimes forget that the 700,000 death number is basically, for many people, something that says it really doesn't even matter if I get vaccinated. I think that's untrue. Vaccinations are working. But, you know, David, why risk your life if you're, say, 63 on the idea that some kids might have COVID in your class? [00:00:41] Speaker 2: I suppose, although I'd come back and say if you're vaccinated, are you really risking your life? I guess that remains an area of debate enough that people will believe that that is the case, Jim. [00:00:50] Speaker 1: Well, you know, each time we look at me, the explosion right now is in Alaska, right? I mean, each state, I mean, there was Mississippi, and there were places where it just kind of hits. And those are states where I think you say, you know what, I'm not going to work. I wouldn't go to work if I were in Alaska. [00:01:08] Speaker ?: Why? [00:01:10] Speaker 3: It's too dangerous. One thing it's definitely done is thrown some cold water on the idea that ending unemployment benefits early would have brought people back earlier. That hasn't happened. It's funny. [00:01:22] Speaker 1: Look, I mean, we heard that from Uber where they did, when the benefits ended, they did see an uptick in the number of people who were drivers. Yeah, but some of that was in Texas, and Texas, which had unbelievably good job creation numbers, still for northerners seems like a kind of a Wild West situation. [00:01:42] Speaker 2: We are at 4.8 percent overall, though. That's pretty good. On the unemployment rate, which, you know, it's the first time it's had that. Remember, we got that by the wrong denominator. It's been above 5 percent since the beginning of COVID. But that's people dropping out. Agreed. Right. That's the key question. Austin Goolsby asked it on Squawk Box, and then Steve was able to answer it, and that's what we were just talking about in terms of labor participation. How about we do this? [00:02:05] Speaker 1: How about we just admit that this release is not as important as we thought? The average wage is kind of not niggling, so I'm not sitting here thinking that there's just this wage inflationary spiral. I look at this and I say one thing. Jay, right again. Telling you, Jay, pal, I wouldn't play him in Rummikub. [00:02:26] Speaker 3: Right about what? [00:02:29] Speaker 1: No need to tighten yet. [00:02:31] Speaker 2: No need to do anything. I mean, who knows if this trend continues? Well, wait. I mean, we're expecting taper in November, right? No, but I'm saying that there are people who— So no need to do that, or that's going to happen, but no need to actually tighten? [00:02:43] Speaker 1: No, no need to actually tighten, and no need to ridicule this man. Remember, a lot of people ridicule him. They think he's a softie. I hear some people say he's a Marxist. That's wrong. He's a banker. But I just feel like that if I were on those hectoring people in the Hollywood squares that he plays in that ridiculous conference— Yeah, George Goebbels, I'm trying to get him to stop doing it. I've been working to try to get him to stop it. It's like, you know, Mr. Powell, you did a good job this month. No one ever says that. Who are these people? Why don't they give him an app? Do you remember the people who used to kiss up? Why? He's like, Mr. Powell, I guess you feel pretty good about this number. No, it's always like, Mr. Powell, when did you stop beating your wife? I'm sick of those press conferences. I know his wife. That would be horrible. [00:03:30] Speaker 3: As for the November meeting, you don't think it delays a taper announcement? Because last night, as we got that nail-biter in the Senate, there was some discussion about, now that that decision has been pushed to December, maybe it makes the November meeting a little more fraught. [00:03:43] Speaker 1: Well, then I look at this, and I say, look, I'd like to see whether Delta's really done. I mean, look, we've had, the New York Times does this great analysis, and they said for two weeks, it's been good. For two weeks? What happens in a cold snap? And we're all back inside. [00:03:59] Speaker 2: I don't know. I think, I'm listening. Did you see the airsoul comments? Listen, I talked to Gottlieb the other day, and that's who I rely on to a certain extent. He seems to think that while prevalence may rise a bit, it won't rise anywhere near the levels that we previously seen. [00:04:14] Speaker 1: I agree, but I think that you don't want to necessarily bank on COVID. I think that anyone who's made really serious predictions on COVID has often been made to look foolish, because there's a lot of Greek letters. You really think it's keeping people from going? [00:04:29] Speaker 2: Oh, my God, yes, David. Going back to, really? David. I mean, I understand people who are still claiming health reasons for not going to the office, even though, by the way, they're doing everything else. Yeah, there was no traffic today. I don't know. People don't work in Friday anymore. No, Friday is not, clearly. People don't work in Friday anymore. I was, hmm. Jamie, I must be saying, where is everybody? Nobody will. He does it? Where is everybody? Square? You should say it's not a work day, to be fair. It's not a day you go to the office, maybe ever again, except the three of us. The two of you are still wearing ties for some reason. I like ties. Yeah. You should wear a T-shirt. [00:04:59] Speaker 1: It saves the shirt, and it's going to pilt more. I know, but they get us plenty of shirts. I do think that, yes, there are many people. I think people, I think a 63-year-old bus driver, a retired person who goes back and does a great job, is thinking, you know what, there's a lot of kids in this bus that have not taken the Pfizer vaccine, so just applied. I don't feel like coming home and infecting my family. Remember, there's a lot of family members who haven't taken the shot versus other family members. And I just think we are way too cloistered here about what's going on in the country. It's not like there's no COVID. It's just that two weeks ago it peaked. I still know plenty of people won't go to a game. They think there's too much risk. Right.