Gartman on Jobs Number: 'Yawn and Move On'

Dennis Gartman
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Dennis Gartman

Investors around the world are awaiting the latest U.S. jobs data to provide an indication of whether the world's largest economy is recovering, but according to Dennis Gartman, editor of The Gartman Letter, the numbers don't matter.

The U.S. is expected to have added fewer jobs in March than in February, with economists forecasting a gain of 200,000 jobs, according to a Reuters poll. The employment report is also widely expected to show the unemployment rate stayed unchanged at 7 .7 percent.

(Read More: March Jobs Report Will Be Flat, Full of Excuses)

Any disappointment may confirm views that the U.S. economic recovery remains fragile.

"If you had 500,000 jobs added [in March], the hawkish members of the FOMC would be out in droves saying: 'It's time to stop.' You're not going to get 500,000, you're not going to get 300,000. I suspect [the numbers] will get very close to what the consensus of 200,000 and I think we'll yawn and move on," Gartman told CNBC Europe's "Squawk Box" on Friday.

The Federal Reserve has said that it could start tapering its quantitative easing program when the labor market improves, specifically, when unemployment drops to 6.5 percent.

(Read More: Your Job Prospects Depend on Where You're Looking)

But Nomura strategist Bob Janjuah told CNBC that he was unconvinced about the growth picture in U.S. labor market.

"You look at how many people are working in the U.S., and how many people they're supporting in terms of total population and the economy is not really going anywhere. Trend growth has fallen structurally, it's somewhere around 1 to 1.5 percent area," he told CNBC Europe's "Squawk Box."

-By CNBC's Holly Ellyatt, follow her on Twitter @Holly Ellyatt