We have two economies, Jim Cramer told his Mad Money viewers Thursday. The consumer economy is booming, but the manufacturing economy has taken a sudden turn for the worse and is now getting worrisome.

While two-thirds of our economy is driven by consumer spending, Cramer said, the one-third that is the industrials is seeing significant slowing due to the trade war with China. We received confirmation of that from American Electric Power (AEP - Get Report) , which is seeing a slowdown in power consumption, as well as from 3M (MMM - Get Report) , which called out weakness in China specifically, and from Dow Chemical (DOW) .

Add to these worries the chance that Boeing (BA - Get Report) may need to halt production of its 737 until fixes can be approved and the 13.6% decline in Tesla (TSLA - Get Report) , and Cramer said we now have a serious industrial problem on our hands.

Cramer said the Federal Reserve needs to step in soon with an interest rate cut to help offset the weakness related to China. Without it, this group will continue to deteriorate and may begin to take the rest of the economy with it.

Executive Decision: Royal Caribbean Cruises

For his "Executive Decision" segment, Cramer spoke with Richard Fain, chairman and CEO of Royal Caribbean Cruises (RCL - Get Report) , which just posted an eight-cents-a-share earnings beat. Shares of Royal Caribbean are up 16% for the year.

Fain said business at Royal Caribbean remains fantastic, which is why the company raised their earnings outlook. "Anyone who doubts that needs to take a cruise," he said.

When asked about those strong earnings, Fain explained that innovation is in the company's DNA and they are constantly working to raise customer satisfaction, which in turn leads to more guests and higher earnings. Royal Caribbean's recent addition of the Galapagos Islands as a cruise destination is one such innovation, and Fain said that cruise is a life-changing experience for many who've taken it.

Not everything is perfect, however. Fain explained that they learned about the Trump administration's ban on travel to Cuba at the same time as everyone else and needed to abide by those new regulations. He characterized the move as a "bump in the road" for the company.

Finally, when asked about their environmental efforts, Fain said they continue to make big strides, from ships powered by liquified natural gas to sustainable food products. 

Cramer and the AAP team dig into Comcast's (CMCSA - Get Report) second-quarter results. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.

Executive Decision: Align Technologies

In his second "Executive Decision" segment, Cramer also checked in with Joseph Hogan, president and CEO of Align Technology  (ALGN - Get Report) , which saw its shares plummet 27% Thursday after the company delivered strong earnings but forecast significantly slower growth in the second half of 2019.

Hogan said there's still a broad-based growth story at Align Technology, one the company needs to do a better job sharing with investors. He said they continue to see growth around the globe, except in China, which is the company's second biggest market.

While Align had forecast 70% growth in China, the company is now expecting only 20% to 30%. Hogan said it's not a competitive or operational problem in China, but more of a consumer backlash, one he expects will rectify itself.

When asked specifically about Chinese competitors, Hogan said Align hasn't seen any significant changes in market share. Align operates in the higher end of the market, he explained, and their market share is usually stable. 

On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: American Electric Power

In his final "Executive Decision" segment, Cramer spoke with Nick Akins, chairman, president and CEO of American Electric Power (AEP - Get Report) , the utility that just posted mixed results, with a three-cents-a-share earnings beat on weaker revenues. So far in 2019, shares of American Electric are up 19%.

Akins said his company is beginning to see the effects of tariffs and trade on American manufacturing, and electric usage is declining for that group. The oil and gas industry is also seeing lower loads, he said, but they remain optimistic that the expansion will resume in the second half of 2019.

AEP continues to invest heavily into renewing the grid to provide its customers with reliable power. He said events like the recent heat wave in much of the U.S. puts a lot of stress on the grid, which makes rebuilding and renewing it, as well as securing it from physical and cyber attacks, as crucial part of what they do.

When asked about renewable energy, Akins remained bullish, saying their customers and investors both want more renewable energy as it's good for the environment and for earnings as energy prices fall. 

Better Than Feared 

In his "No-Huddle Offense" segment, Cramer said the one bright spot this earnings season is not BTE, (better than expected), it's BTF -- better than feared. Case in point: Bristol-Myers Squibb (BMY - Get Report) , which popped 5% today after the company did a lot better than investors feared.

Cramer said investors had given up on Texan Instruments (TXN - Get Report) as well, allowing that stock to rally 7% yesterday on better than feared earnings. 3M was one stock where earning were as bad as feared and shares plunged as a result.

On the flip side is UTE -- uglier than expected. These earnings have been few and far between, but stocks like Align Technology and Paypal (PYPL - Get Report) both managed to fall into this camp this quarter.

Lightning Round

In the Lightning Round, Cramer was bullish on Lithia Motors (LAD - Get Report) , Alteryx (AYX - Get Report) and Marvell Technology (MRVL - Get Report) .

Cramer was bearish on Zuora (ZUO - Get Report) . 

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At the time of publication, Cramer's Action Alerts PLUS had a position in CMCSA, DOW, MRVL.