CNBC’s Mad Money host Jim Cramer just can’t seem to ever catch a break in his favor. He made yet another premature prediction that ended up crashing and burning just hours later.
Cramer predicted during the July 6 edition of his show that “red-hot” numbers by the Bureau of Labor Statistics were set to drop following ADP Research Institute’s recent report suggesting 497,000 private sector jobs were added to the economy in June. The BLS numbers were supposedly going to be “more impactful than ever,” chimed Cramer.
“I think we’re going to see a smoking hot [BLS] jobs number and that’s not just because we got a strong ADP number today.” Cramer warned that the stock market would get “clobbered” from a strong jobs report because it would mean the Federal Reserve would have to raise interest rates. But as is typically the case with Cramer's predictions, the opposite actually happened.
The BLS report — released the next day — revealed that the economy merely added 209,000 nonfarm payrolls in June, well below the 240,000 estimate and down from a downwardly revised 306,000 in May. Perhaps Cramer should take his own advice when he’s rambling to his viewers again: “Don’t fall for stupid nonsense.”
Inverse Cramer strikes again!
The CNBC host’s latest goof follows his abysmal record promoting certain stocks like Silicon Valley Bank and First Republic Bank as winners that ended up collapsing later.
.@jimcramer yesterday: “We are going to see a smoking hot jobs number.”
— Kevin Tober (@KevinTober94) July 7, 2023
Today the jobs numbers only increased by 209,000. Much lower than expected. He’s literally wrong about everything! 😂 pic.twitter.com/UL9PfCbIJZ
But that’s not all. Cramer also suggested on Sept. 19, 2022 that Nvidia, a California-based tech company, would see its stock suffer due to an Ethereum merge which signaled “that you don’t need their graphic cards anymore to mine.” Cramer told his viewers that “short Nvidia, it’s a loser.” On the day Cramer made these remarks, Nvidia was trading at $133.82 per share. However, on Thursday, May 18th — eight months after he warned against the stock — Nvidia traded at $316.08/share and had risen 114% in 2023 alone. On July 7, Nvidia stock was trading at around $430 a share.
Perhaps it’s past time for Cramer to put his career out to pasture.
Conservatives are under attack! Contact CNBC at cnbcnewspr@nbcuni.com and demand it distance itself from Cramer’s wild predictions.
