Known for his bullish outlook on the U.S. stock market, Fundstrat Global Advisors founder Tom Lee is not overly worried about Friday's disappointing jobs report. He said, however, that it would be cause for concern if the sluggish pace of economic growth in the first quarter continues in the second.
Government data showed Friday that the United States added just 126,000 jobs in March, well below consensus estimates for 245,000 new positions and the weakest report since December 2013. Lee noted that U.S. gross domestic product growth is currently tracking below the Federal Reserve's expectation of at least 2 percent.
"I think if Q2 is tracking at the same level we'd have to worry, but I think that a lot of these are temporary factors," he told CNBC's "Squawk Box." "The dollar is reversing, construction was a drag in the first quarter, government was a drag. We don't expect to see these the rest of the year."
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The question investors need to keep in mind, Lee said, is whether there is pent-up demand in the United States and whether the economy is capable of generating organic growth.
While capital spending was also weak in the first quarter, Lee expects U.S. producers to utilize more of their capacity, which is often a precursor to such expenditures.
Asked whether the Fed would now wait until after its June Federal Open Market Committee meeting to begin raising interest rates, Lee said Fundstrat never saw justification for increasing rates in June. The market would be in a better position to absorb a hike in September, when such a move would likely coincide with better growth figures coming out of Europe and Japan, where central bankers are buying bonds to stimulate their respective economies, he said.
The Fed needs to be mindful of the market and meet expectations, Lee said, but investors will not be too spooked by a hike because it signals the central bank is confident the U.S. economy is healthy and no longer needs a zero interest rate environment.
"Is it going to be seen as a positive investment signal? I would say without a question ultimately it's going to be seen as positive," he said.