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Jim Cramer: Retail Is Getting Crushed When It Comes to Job Losses

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Hiring slowed in November, with the jobs report showing fewer than expected new jobs last month.

The Bureau of Labor Statistics' November non-farm payroll report showed 245,000 new jobs were created last month, down from the 610,000 gained last month and well shy of the Street consensus of 469,000. Average hourly earnings rose 0.3% from October to $29.49 each, taking the year-on-year gain to 4.4%.

The unemployment rate did inch down to 6.7% while the labor force participation rate fell to 61.5%.

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