We derive the quantum limits for an atomic interferometer from a secon
d-quantized theory in which the atoms obey either Bose-Einstein or Fer
mi-Dirac statistics. It is found that the limiting quantum noise is du
e to the uncertainty associated with the particle sorting between the
two branches of the interferometer, and that this noise can be reduced
in a sufficiently dense atomic beam by using fermions as opposed to b
osons. As an example, the quantum-limited sensitivity of a generic mat
ter-wave gyroscope is calculated and compared with that of a laser gyr
oscope.