Hatzius, Goldman's chief economist, said: "This was a good report. If you wanted to pick holes in it, you'd say there's a big weather effect in it, but it's hard to really get nervous when it's 292, even if you subtract a lot from it, say 40,000 or a little more, it's still a good number."
Financial markets reacted positively to the information once it was released, with Dow Jones futures gaining more than 200 points. However, markets failed to sustain those high levels, with the three major indexes holding near the flatline in Friday afternoon trading.
The report also led to traders briefly pricing in a more than 50 percent chance for a rate hike in March after the release, according to the CME Group's FedWatch tool.
David Kelly, chief global strategist at JPMorgan Funds, said Friday that the data keep the Fed on track to raise rates at its March meeting
"I think this was a very strong report, particularly in services. Of those 292,000 jobs added, 230,000 were in the private service area: things like health care, business services, financial services, good service jobs. Not retail jobs," he told CNBC's "Squawk on the Street."