CNBC’s Jim Cramer said Wednesday he is expecting the April jobs report will be daunting and spark a discussion about how the severity of the economic downturn.
“When we get Friday’s employment report” from the Labor Department “it is going to be so bad that we’re going to be debating whether we’re in a serious recession or a depression,” the “Mad Money” host said.
The comments come after a mixed day of trading on Wall Street. The Dow Jones dropped 218.45 points, or 0.91%, to 23,461. The S&P 500 declined 0.7% to 2,848.42 at the close. The technology sector was the bright spot in the market as the Nasdaq Composite rose 0.51% to 8,854.39.
Investors continued to gauge chances of a rebound in the U.S. economy against more gloomy economic data. Market players will also get an update on weekly unemployment claims across the country Thursday ahead of the monthly labor report.
The health-care and technology segments of the economy are in good shape, the former hedge fund manager suggested.