The September jobs report is released on Friday. Economists expect nonfarm payrolls to rise by 100,000.
"The jobs report is going to be totally convoluted by Florida and Texas," Cramer said. "We need a strong enough number to justify a December rate hike."
The three month average of job creation stands at 185,000 positions.
As for the banking impact, Cramer says:
- JPMorgan Chase (JPM) has good growth
- Bank of America (BAC) to benefit from another rate hike
- Wells Fargo (WFC) lost its premium multiple because of the cross selling issue, so it has room to move higher.
Cramer's charitable trust owns KeyCorp (KEY) .
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