CNBC's Jim Cramer was thrilled when he saw that the U.S. economy added 223,000 nonfarm jobs in May, far overshooting estimates and driving unemployment to an 18-year low.

"You want to know what the perfect economy looks like, at least from the perspective of the stock market? Honestly, it looks a lot like this one, where we have fabulous job growth and very little inflation," the "Mad Money" host reflected on Friday.

To Cramer, Friday's report seemed to challenge a longstanding theory: that as the economy strengthens, the Federal Reserve will be bound to raise interest rates, potentially causing the economy to overheat.

Instead, the Labor Department's report showed that inflation was being kept at bay, with average hourly wages rising by only 8 cents despite the job boom.

"Not only that, but this economy is generating job growth where there ain't been no job growth," Cramer said.

The only surprisingly weak sector in terms of growth was health care, which only added 29,000 jobs. But Cramer argued that health care was the one area that could afford to be weak.

"Health care has taken up a larger and larger share of our gross domestic product over time, and while there are some good reasons for it — we can cure diseases that would've been lethal a generation ago — it's the one sector that's really not tied to the strength of the broader economy," he explained, listing the other beneficial side effects of a strong labor market.