Watch Goldman Sachs chief economist Jan Hatzius break down the historic jobs report

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Goldman Sachs chief economist Jan Hatzius joined CNBC's "Squawk on the Street" on Friday to break down the historic jobs report. 

Hatzius said he expected the report to show a higher number than the 20.5 million loss print for April. The unemployment rate rose to 14.7%. 

"We thought it was going to be higher and this release it's obviously very difficult for the Bureau of Labor Statistics to estimate the precise number of jobs lost," said Hatzius. 

The bright spot of the report was the 78% of Americans who see their layoffs as temporary, said Hatzius. 

"I think there's more of an expectation they will ultimately report to work, but clearly that's going to depend on how the economy does and how quickly activity comes back," said Hatzius. "I do think the majority of people are going to be reemployed. Its not going to be, of course, as fast as the downturn in employment but if we look into 2021, yes, we do think that the unemployment rate and other measure of labor market deterioration are going to reverse."

"That said, its going to be a lengthy process," Hatzius added. 

Hatzius also gave his outlook for the gross domestic product for the rest of the year. Watch the full video here.