US Economy

Tom Lee on jobs report: What me worry?

Look for big 'catch up trade': Thomas Lee

Don't be too concerned about the May jobs report, strategist Tom Lee said Friday ahead of the release of the Labor Department's closely watched employment data.

"The monthly jobs number is a very noisy number. The plus-minus standard error is 65," the founder of Fundstrat Global Advisor said on CNBC's "Squawk Box." "The jobs report for May will be important, but the overall message from the U.S. economy remains steady growth while the backdrop of global growth is improving—hence, a bullish outlook for stocks."

Analysts polled by Thomson Reuters expect the U.S. economy to have created 225,000 jobs in May, compared with 223,000 in April. The unemployment rate is expected to stay unchanged at 5.4 percent.

Kenneth Rogoff, an economics professor at Harvard University, said on "Squawk Box" he believes the number will be higher than consensus estimates. "But who knows what it's going to be. This is a number that gets revised a lot. It's the difference between two large numbers. I don't think we know anything."

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The report comes amid a spike in global sovereign bond yields. Yields on the U.S. 10-year note hit 2.425 percent, an eight-month high, during Thursday trading before closing at 2.31 percent.

Nevertheless, BlackRock chief investment strategist Jeff Rosenberg said he does not expect the report to weigh heavily on long-term maturity Treasurys.

"This morning, the focus is going to be on the short-end part of the yield curve," he said on "Squawk Box." "We have seen a lot of volatility [in long-term Treasurys], but it has been entirely about what's going on in Europe."

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On Thursday, the Greek government announced it would be bundling its payments to the International Monetary Fund and will pay them on June 20. Its deadline had been Friday.

—CNBC's Kirsten Chang contributed to this report.