NEW YORK (Real Money) -- What if the dollar's not going to the moon? What if the world adjusts to the stronger dollar, and we take our time raising rates?
What if we just muddle through?
That's what I think of when I see this employment rate that shows what should occur when your currency gets too strong, your country's economy weakens and you don't hire as many people as you would have.
I think of this employment number as the first "strong dollar/weak oil" number, meaning that we are now not creating as many jobs as we might have, because our manufacturing is being blunted by our strong currency and our capital goods industries are reacting to the throttling back of so much of the infrastructure that was being built to handle ever-rising oil production in places that we hadn't thought were economic, and no longer are economic.
But you know what? All of this can be handled if the dollar doesn't go much higher. Our companies will readjust. All of this can be dealt with if banks continue to loosen credit so we can build more here, both homes and commercial construction.
And most of all, we can handle this, meaning stock investors, because Janet Yellen didn't listen to the Dick Fishers of the world -- the retiring Dallas Fed President who has yet to ever say that his hawkish stance could have really hurt us.
How lucky are we to have a data-dependent Fed. If we didn't, then we would be tightening, and we would have produced no new jobs this month. None.
Something to think about and be grateful for.
Editor's Note: This article was originally published at 8:48 a.m. EDT on Real Money Pro on April 3.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.