Jim Cramer Breaks Down What JPMorgan's Earnings Report Says About the Consumer

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Earnings season has officially kicked off. 

Tuesday morning saw earnings from banks such as Real Money stock of the day JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report

JPMorgan reported that net income in the quarter rose by 16% to $9.65 billion. The company announced earnings per share at $2.82, which beat the $2.50 average EPS estimate that analysts expected, according to FactSet.

"If the consumer hasn't worried yet [about a possible slowdown], then the consumer may not worry that consumer has been the star of the whole banking show. By the way, retail sales better than expected. It's the industrial side that people should be more concerned about, particularly autos, which have been a disaster. You'll get Carmax on some commentary. JPMorgan. It was good. Okay. It was not great. Efficiency ratio [was] good. There were some lines that weren't spectacular. There were some lines to save. It's better year over year, not quarter to quarter. It was not the standout," said Cramer.

Related. JPMorgan Reports a Noisy Top & Bottom Line Beat

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