The U.S. consumer is currently strong, but likely weakening

Meanwhile, the broad sub-industry of clothing retail can be hard to parse out for investors. 

Let's take a look at department store retailers. Firstly, "If we do go through a slowdown in consumer spending, they {discount retailers} should benefit from a downshift because of the kind of values they offer," said D.A. Davidson & Co. senior brand apparel analyst John D. Morris. Simply put, as consumer spend weakens, consumers will shop more and more at discounters like Kohl's Corp. (KSS - Get Report) , TJX Companies Inc. (TJX - Get Report) , or Ross Stores Inc. (ROST - Get Report) , and less at full-priced players like Nordstrom Inc. (JWN - Get Report) or Macy's Inc. (M - Get Report) . 

With "concerns of a recession -- if that is something that is on your mind, you're probably also looking for names other than the high-end luxury brands, the Nordstrom's of the world, the Macy's," said Jim Cramer's Action Alerts Plus Research Analyst Zev Fima. 

And Kohl's in particular might be a relatively advantaged stock pick over its discount retail peers. It's forward earnings multiple of 11.28 is at the lower end of the business, and it offers a premium dividend yield at currently 3.74%. 

"You have a company trading at thirteen, fourteen times forward earnings {now 11}, it's paying you a just under 4% dividend yield right now," Fima said. See Cramer and the AAP team's analysis of Kohl's here

Kohl's is a holding in Jim Cramer's Action Alerts PLUS member club . Want to be alerted before Jim Cramer buys or sells KSS? Learn more now.