Cramer's 'Mad Money' Recap: July 6

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"There is no single piece of data that determines which way the economy is headed," Jim Cramer told the viewers of his "Mad Money" TV show Monday.

He said investors are making a big mistake if they allowed today's unemployment news to outweigh all of the other signs of a global recovery.

Is 9.5% unemployment bad for the economy? Cramer said of course it is, but it doesn't take away from Apple's (AAPL Quote) booming iPhone sales, or the Chinese demand for copper and steel. Unemployment also doesn't undo the effects of record housing affordability, nor $2.30 a gallon gasoline on the heels of $4 gasoline last year, he said.

Cramer said when he looks at the big picture, he sees a slow recovery coming, one that won't produce a lot of jobs or spending, but one that will produce a lot of profits from huge layoffs and falling commodity prices. This is good news for defensive names and high yielders like General Mills (GIS Quote), and Yum! Brands (YUM Quote), both of which he owns for his Action Alerts PLUS portfolio, he said.

Cramer also said that select companies will flourish, companies like UPS (UPS Quote) and United Technologies (UTX Quote), but not UAL Corp (UAUA Quote), parent of United Airlines.

Cramer said he does not see the market roaring to Dow 10,000, nor falling to Dow 6,300, rather slowing climbing to perhaps Dow 7,000 or even 8,000 if we're lucky. He stood behind stocks like Nordic American Tanker (NAT Quote), but said a diversified portfolio would be needed to profit from the meandering recovery.