January's employment report was a "disappointment, but not a massive one," Goldman Sachs' chief economist told CNBC on Friday, and represents a bump in the road rather than a deeper problem.
Goldman Sachs' Jan Hatzius said the 113,000 jobs added to the U.S. economy last month signaled that national output growth could be slowing down. The sluggish job growth may shave off a percentage point in average monthly GDP during the first half of 2014 compared with the 3.7 percent GDP pace the U.S. saw during the second half of last year, he said.
(Read more: Fed on a wire: What to make of the jobs report?)
"To me it looks like we have hit a pothole and the inventory moves can give you those potholes," Hatzius said on "Squawk on the Street." "You had a lot more growth in the second half of last year than I think anybody expected. ... Overall I think we're in a better place from a growth perspective than we were two to three years ago."