NEW YORK (TheStreet) -- The U.S. Department of Labor announced Friday that employers added 321,000 jobs in November, the largest one-month increase in three years.
TheStreet's Jim Cramer says this number shows the economy is very strong, which means the current low rates are not sustainable even with the status of Europe and Asia. Cramer tells people to be ready for higher rates, but notes this does not mean stocks have to go lower.
Cramer says this will be the big hurdle that people must get over in 2015: higher rates do not necessarily mean lower stocks. He says some stocks will go lower, such as consumer staple stocks that investors own for dividends.
He suggests people look at the way oil services stocks reacted when the price of oil declined and notes it didn't matter how big the yields were in those cases.
Cramer tells investors to rethink their portfolio. He says this will be the time to own some banks and industrials, but to get out of high-priced healthcare stocks that investors held onto for so long and the food stocks that investors are only into because of the dividends.