While it may be enough to tip the scale for the Fed, the labor market is just one component in a whole host of issues they must consider, said Piegza.
"Going forward, the gradual pace or the accelerated pace of rate increases will depend on the total mandate of the Fed, not just one component," she said. "We're going to have to see that inflation component increase back towards that 2 percent objective in order to justify further rate increases from here.
Still, it is imperative that the Fed raises rates in order to be able to contend with any possible economic crisis, said Ken Mahoney, president of Mahoney Asset Management.
"We need to get some arrows in the quiver. If the economy falters, we want sustainability; we want the Fed to be able to cut rates and have something to work with, and not have to take a quantitative easing play out of the ECB's playbook," he said.
"At this point, the economy should be able to withstand a quarter-point or a half-point rate hike. The Fed needs to normalize rates. We need to get rates up to, let's say, 1.5 percent by this time next year."
Former Labor Secretary Robert Reich told CNBC's "Closing Bell" that he's almost certain the Fed will raise interest rates and that the economy is doing very well; however, he still has some concerns.
"My concern is slightly more over the longer term and that's where innovation and the share economy and a lot of the things we're seeing may be putting great strain on the part of the labor force that is not too terribly well prepared for the future," Reich said.
The probability of a Fed rate hike stands at 79 percent following the jobs data release on Friday, according to the CME Group's FedWatch tool.
The data — along with comments made by European Bank President Mario Draghi — also brought U.S. equities higher, with the major indexes closing at least 2 percent higher on the session and posting slight gains for the week.
Dow Jones industrial average this weekSource: FactSet