Jim Cramer: Go Shopping for Yield This Afternoon

Investors should go shopping for blue-chip, dividend-paying stocks in the wake of the worse-than-expected May jobs report, says TheStreet's Jim Cramer. The 38,000 jobs created in May fell well short of consensus expectations of around 160,000. He said now is the time to go shopping for yield in names like Pepsi (PEP) - Get Report , Coca-Cola (KO) - Get Report and Kimberly-Clark (KMB) - Get Report . Cramer said the banks are trading down due to the less-than-stellar jobs number but there may be opportunities to buy some of the 3% or 4% yielders later in the day.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.