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Morning Bell With Jim Cramer: Uber, Jobs and Investing Discipline

TheStreet's Jim Cramer shares his views on the July jobs report and the importance of discipline in investing.

Stock moved modestly higher Friday after a stronger-than-expected July jobs reported showed nearly 1 million new positions were created last month.

TheStreet's Jim Cramer spoke with Action Alerts PLUS senior analyst Jeff Marks about the jobs report, his historical dislike for the month of August, and the importance of discipline in investing.

Jobs Report: 'Look to Uber'

Employers added 943,000 new jobs last month, according to the Bureau of Labor Statistics, following a weaker-than-expected reading of private-sector-employment growth from payroll-processing group ADP on Wednesday.

The July tally was ahead of the Wall Street consensus forecast of 880,000.

Looking at the job market, Cramer said that Uber Technologies  (UBER) - Get Free Report is "a tremendous, tremendous way to measure the economy."

After the bell on Wednesday the ride-sharing and food-delivery giant posted mixed second-quarter financial results.

Cramer said that during the company conference call, CEO Dara Khosrowshahi discussed how driver shortages were linked to employment benefits.

"In city and states where the benefits have run out, they've got all the drivers they need," he said. "I felt very good about the economy after reading the Uber call."

Investing: 'Discipline Always Trumps Conviction'

Cramer said he had historically not liked the month of August since 1987, "when August was one of the worst months I've ever seen."

"But my eyes are open," he said. "This is a different kind of market ... There’s a little more money around to be in selective stocks that the old-time indexing is not as important."

Cramer said he was over-enthusiastic about Robinhood  (HOOD) - Get Free Report, which he called "a great company." But he has advised that investors "sell half and let the other half run."

"Discipline always trumps conviction," he said. "Always."

Despite August's poor track record, Cramer said he's also aware "that there's always more money coming than I've in August a long time."