Carragher has been impressed with the new signings but says it is Suarez who has been the most impressive performer to date this season.
"When you look at some of the players that we have brought in - Downing looks like he's going to be a great player for us and he's started really well," said the vice-captain.
"But Suarez is as good as anything in the league. He's what Rooney is at Man United and what Tevez is at City.
"Stevie is the player we look to in tough times but he's out, so now we have Luis who can be the one who can maybe get us out of a bit of trouble.
"We've got more competition for places. People are actually saying 'I wonder what the team will be.' If we don't know then the opposition don't either."