Jim Cramer Says Fed Saved Millions of Jobs, Buy Financials

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U.S. employers added 4.8 million workers to payrolls last month, according to the Bureau of Labor Statistics, and the unemployment rate dropped to 11.1%.

The surge in jobs followed data showing both an upward revision for May additions, to 2.7 million from 2.5 million, and a stronger-than-expected jobless claims reading for the week ended June 27, which fell for the 13th week in a row to 1.427 million.

President Donald Trump said the jobs report shows the U.S. economy has come "roaring back" from losses suffered during the coronavirus pandemic even as new infection numbers surge in various parts of the United States.

The jobs gains still leave more than 16 million Americans out of work, a number that could rise in the coming weeks as bars, restaurants and cafes delay or reverse plans to reopen as new coronavirus infections have spiked in certain parts of the country.

Florida announced 10,100 new coronavirus cases, which is a record. Texas announced 8,100 cases on Wednesday.

Jim Cramer said that the Federal Reserve has saved millions of jobs. Which sector is Cramer targeting after the landmark jobs number? 

Watch the video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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