Investors got some disappointing news to start the trading day with the U.S. economy adding far fewer jobs in the month of August than Wall Street expected.

The U.S. added 130,000 nonfarm payrolls vs. 160,000 expected, which kept the unemployment rate at 3.7% as expected. Meanwhile, July's employment figure was revised down to 159,000 from 164,000.

However, Jim Cramer doesn't think the number is as bad as it seemed. He talked to his old partner Larry Kudlow this morning and agreed with his takeaway:

"The Chief Economic Advisor came up with some very good figures about job creation that are really being missed by the labor number. The job creation being created, I think as he agreed with me by the Shopify's, by the Etsy's, by the Amazon's That aren't really kept right. See, the new economy is an economy that is a shared economy, is an economy that is very much of an enterprise economy and it's not being picked up because it's not traditional ADP number, not traditional labor number."

Watch the video above to see what else Jim had to say about the jobs report.

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