NEW YORK (The Street) -- TheStreet's Jim Cramer -- and the markets -- are awaiting the release of the jobs report due Friday morning.
While economists surveyed by Bloomberg are predicting a gain of 227,00 new jobs for May, Cramer said that the market should be fine as long as the number comes in at 220,000.
In addition to a strong jobs number, the market needs to see a weaker dollar because, Cramer said, adding that stocks cannot go higher unless the euro strengthens.
He agreed with comments earlier from Christine Lagarde, Managing Director of the International Monetary Fund, who said the U.S. Federal Reserve should not raise rates until 2016.
The IMF's recommendation came Thursday in its annual review of the U.S. economy. Fed policy makers however, have said that the central bank will raise its benchmark rate this year.
The IMF also slashed its economic growth forecast for the U.S. to 2.5% from 3.1% in April. That's after a disappointing first quarter during which the economy contracted.
That's why Friday's jobs report will be important in determining whether we'll see improvement in the second quarter. The 227,000 new jobs economists are predicting would be an increase from the 223,000 jobs that were added in April.
The unemployment rate, which slipped in April, is expected to hold steady at 5.4% -- the lowest level in seven years.
On Wednesday, payroll processor ADP said 201,000 jobs were added in May in the private sector. Small businesses added 122,000 jobs, mid-sized companies added 65,000 and large companies 13,000.
The ADP report often foreshadows the government's report. The Labor Department will release the June jobs report at 8:30 am eastern Friday.