The July jobs report came in well below expectations. Here's what Wall Street has to say:

-- "Today's weak payrolls print may ease the pressure on the Fed to raise rates at its September meeting, but next week's inflation data will still likely be the deciding factor," said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

-- "Weaker job and wage growth gives the Fed some breathing room to remain patient on the inflation front (and on hold with rates) at the Sept FOMC meeting in our view," said Jeff Schulze, head of economic and market strategy at ClearBridge Investments

-- "This is a bleak July jobs report... The Fed's job just got a lot harder. The labor market is stalling again. Many industries shedding jobs or flat," said Heather Long, chief economist at Navy Federal Credit Union.

-- "These numbers, on the back of disappointing figures for June and the downward revisions to previous months, undermine the position of those on the committee arguing for higher rates," said Stephen Coltman, head of macro at 21shares.

-- "This morning's report is a game changer in the sense that all of the recent focus has been on inflation and this report highlights the risks that are embedded in the labor market as well," said Chris Zaccarelli, chief investment officer for Northlight Asset Management.