Yet the jobs data, which offer a read on many aspects of the economy, were really a mixed bag, Hatzius said on "Squawk on the Street."



"At the margin, it was a little weaker across a number of things. You know, the payroll number is a little softer. The household survey was a little softer, although the increase in the unemployment rate was really more due to an increase in labor force participation, which is, of course, a good thing," Hatzius said. "But you also had a weaker earnings number. So overall, it was a little softer, but not to a worrisome degree."



The jobs data reflect a consistent, but unspectacular level of employment growth. Still, Hatzius said the soft job growth means the Fed is less likely to raise rates in the near term.



"To the extent that people have pulled forward their expectations for ... when the Fed might start to move into the first half of 2015, I think this is going to lead them to push it back again," he said.



Read MoreFisher: Rates could rise 'early next year'