Billionaire hedge fund manager Stanley Druckenmiller says a weak May jobs report would put the Federal Reserve on a pivot to easing monetary policy before the end of the summer.

"If the job number is weak, given everything else they are saying, the Fed will be on a clear easing path by July," Druckenmiller said Friday on CNBC's "Squawk Box."

After he spoke, the government reported that the economy added only 75,000 jobs in May. Economists polled by Dow Jones were expecting 180,000 new jobs.

The decrease in the growth of payrolls was the second time in four months that jobs increased by less than 100,000, signaling a weakening labor market.

Druckenmiller said the jobs number is important "only because they effect the Fed."

Though the CEO of Duquesne Family Office said he largely believes jobs reports are lagging indicators about the economy, he said he still uses the monthly numbers to determine "entry and exit points" for trading.

On Tuesday, Federal Reserve Chairman Jerome Powell said the central bank is "closely monitoring the implications of these developments for the U.S. economic outlook and, as always, we will act as appropriate to sustain the expansion," essentially opening the door to rate cuts.

Stocks have fallen since the beginning of May on trade headlines. Druckenmiller says he's unsure about the direction of markets right now. He's not overly bearish or bullish on stocks.