Jim Cramer: Technology Is Killing U.S. Jobs

Technology is evolving quickly and that digitization is destroying a lot of U.S. jobs, says TheStreet's Jim Cramer on the heels of the worse-than-expected May employment report. The 38,000 jobs created in May fell well short of consensus expectations of around 160,000. Also not helping the employment figures is the fact that coal, rail and oil jobs are 'going away' more quickly than people expected. Even banks are shutting down branches because of smartphone apps that reduce the need for bricks-and-mortar outposts.

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