Goldman Sachs Economist Sees Slowing US Labor Market

Goldman Sachs chief economist Jan Hatzius discussed the September jobs report on CNBC's 'Squawk on the Street'.

The U.S. Bureau of Labor Statistics reported that nonfarm payroll employment increased by 29,000 in September, which is less than expected. Economists had forecasted a gain of 84,000.

The unemployment rate also rose to 4.2%, while the jobless rates for adult men and women showed little change over the month.

Hatzius noted that the employment numbers were surprising given the strong economic growth in the third quarter, which was previously reported at 3% annualized.