The 235,000 jobs added in February may be an impressive number, but don't take the better-than-expected report as is without considering the circumstances, Jan Hatzius said Friday.
"I don't think you should take this 235,000 at face value," Hatzius, chief economist at Goldman Sachs, told CNBC. "We've seen almost 100,000 jobs added in the construction sector in the last two months, and the warm winter, I think, had something to do with that."
He told "Squawk on the Street" that the boost in construction hiring could also affect later reports.
"We should expect some payback over the next month, or two months, or maybe three months," Hatzius said.
Still, the strong report all but solidifies the case for a March rate hike by the Federal Reserve, even raising the possibility of more increases in 2017.
"I think four hikes is definitely possible," Hatzius said, but noted that his firm's prediction remains at three hikes this year and a possible balance sheet adjustment in late 2017.
"I think the Fed's showing that going every three months is something that they are, in principle, comfortable with," Hatzius said. "Of course, it always depends on how the numbers come in and what happens to financial conditions."
The economist added that easing financial conditions since the Fed's meeting in December are an important trend for investors to keep in mind.
"If you get a sharp tightening, we might regret this change. But our best guess is that won't happen," Hatzius said.