Yea it matters. The actual raw number only matters compared to people in your major. Everyone knows that engineering has lower GPA's than business majors. Also if your school is more challenging or harder to get a high GPA in, it is likely that employers will know this especially if you're applying for jobs that are recruited for on campus. If so employers will sort through hundreds of resumes of students at your same school so they will get an idea of what the GPA distribution is like. Many of these resume sorters, if its for a big company that recruits a lot of kids, will have likely gone to your school so they know what the easy majors are and what your GPA actually means.
GPA's are very very important when it comes to what segment you are in but it doesn't matter that much within that segment. So usually employers require some cutoff that is usually above the mean. It might be a 3.0 or a 3.2 or a 3.5 and it is possible to get through with a lower GPA but unlikely. Making the cutoff is extremely important since if you don't make the cutoff you typically won't get an interview. From there, it doesn't matter as much unless you're on the low end or the high end. For example, if the cutoff is 3.2 and you have a 3.2-3.4 you might be looked at as an applicant with a low GPA and you'll need great other credentials to get the interview while someone with a high GPA 3.7-4.0 might need less other great credentials to get the interview. That being said, screening for jobs is very holistic and often times they're looking for the full package so someone with a 4.0 and low commitment nerdy activity like chess club says something very different than a student with a 3.1 and a huge commitment like varsity soccer and at that point it depends on what the job and company is looking for (ie coding versus sales). But obviously a high GPA is always a positive thing.
Once you get the interview, GPA means almost nothing. Of course a 4.0 may change the way an interviewer assesses you but seriously it means almost nothing once you get the interview.
A high GPA opens many doors for you when it comes to things like law school, grad school, medical school, MBA school, PhD programs, honor societies, positions in clubs + societies, on campus jobs, internships, cum laude designations, etc. Even if you're getting a job through a connection, its a lot more helpful when you're resume gets passed along to a recruiter with a recommendation and a high GPA rather than a recommendation and an excuse for the low GPA. Also your GPA follows you through multiple jobs beyond your first one. It obviously becomes less important as time goes on but if you move jobs in 2-4 years after college it will be considered.
