Noted economist Larry Kudlow tells Newsmax TV he's not concerned the U.S. job market saw just 126,000 new positions added in March as the unemployment rate lingered at 5.5 percent.

"I wouldn't put much stock in the March jobs report," Kudlow, a CNBC senior contributor, told "The Steve Malzberg Show."

"The reason I say that is other jobs numbers like unemployment claims are rock bottom. Unemployment claims are as low as they've been in 10 years," he said.

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"Also, the Labor Department put out some numbers … that job openings are rising everywhere. I just don't put much stock in that March report and I don't think the economy's collapsing."

That said, Kudlow adds that the nation is still in a "tepid" recovery of 2.5 percent — a figure that should be 4 percent.

"That's the overriding problem. Regarding jobs, I wouldn't be surprised if he got back to 250,000 a month, which has been the trend line," he said.

Kudlow also wants the fed to raise their target rate "later rather than sooner."

"We have a strong dollar, we have low oil price, that's good, very good, [and] we have falling commodity prices, that's not so good and I don't see any signs of inflation at all anywhere right now," he said.

"Therefore, I don't think there's any rush for the fed to start raising rates. I'm sort of fourth quarter. Definitely not June, earliest September …"

Kudlow said the most productive step the U.S. can take to promote "real growth" of four to five percent is to slash the corporate tax rate and repatriate foreign profits.

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