Why Jim Cramer Is Telling Investors Not to Worry About the Jobs Report

Breathe.

A report Friday from the Labor Department shows the U.S. economy added 75,000 jobs in May, which is a slowdown from April's increase of 263,000.

Typically the economy needs to create about 100,000 jobs a month to keep pace with growth in the working population.

Jim Cramer says that the fact that the jobs report came in at 75,000, well shy of expectations of 175,000 shouldn't be too worrying for investors.

Here's what he thinks about what investors should do now:

"Ken Fisher, a good friend, was saying this is the, you know, don't pay that much attention to the employment number. But that in general things are fine. And I think "fine" means buy. At the beginning of the week, I wrote a piece saying the market is way too oversold, buy," said Cramer.