The June employment report due Friday will show an increase of 125,000 jobs, Jan Hatzius told CNBC Wednesday.
The Goldman Sachs chief U.S. economist said last month's Labor Department report, showing an increase of 54,000 jobs in May, was not representative of the labor market, he said.
"Clearly the economy weakened over the last few months so some deceleration makes sense," he said, but the May figure was "below what other indicators of labor market activity would suggest."
The June report, he said, will "provide a correction to that picture," although he said adding 125,000 jobs is "still not particularly strong."
He said consumer spending will soon pickup while home prices appear to be stabilizing, with an easing in household debt burdens. He thinks GDP growth will be a "decent" 3 percent or better in the third quarter.
He sees no major implications from the ending of the Federal Reserve's quantitative easing program.
"Our view is the impact of QE2 mainly came when the size of the program was announced" in the latter half of last year, he said. "The fact that the Fed has done what everybody has expected shouldn’t have any impact."