9:34 a.m. ET
"I think this is another solid and steady jobs report," U.S. Labor Secretary Tom Perez said in a "Squawk on the Street" interview. "It's very consistent with the trends we've been seeing for some time."
On downward revisions in June and July, Perez said that the bulk of the revisions have been government jobs, while the private sector is fueling the economic recovery.
"The frustration is that we know how to pick up the pace, hopefully we can get that consensus in Congress so we can move forward." He added that one "big and bold" move by the federal government for economic growth would be passing immigration reform.
On the U5 and U6 unemployment numbers, Perez said that these indicators of labor force participation are "moving in the right direction" when looked at over a two-year time horizon.
9:00 a.m. ET
When asked whether the market will fully accept this number or bank on future revisions, CNBC's Jim Cramer said "This is it. This number is not looked through. People will trade off this number and there is nothing spectacular... it does make it so the taper is going to be light. We will see mortgage rates down, they're going to be down next week, and we haven't seen that in a while."
"I recognize that this job growth is very bad," he added on "Squawk on the Street" Friday. "This is remarkable because this is a very important component of the economy that we've lost."
8:58 a.m. ET
Cramer also told "Squawk Box" that he's a "stock guy, this is perfect for stocks. Anybody who tries to out-think it go to another gig. Trade bonds, trade the futures. That's terrific, I love it. But that's not what people at home do."
Here's what Cramer tweeted right after the jobs number was released.
8:55 a.m. ET
More from Chicago Fed President Charles Evans:
- Jobs number a "useful bit of information"
- Continued challenges from falling labor participation rate
- Housing will continue to help the economy going forward
- Some exuberance has left the market
- Expects market rates to be calmer going forward
8:50 a.m. ET
Immediately following the release of the jobs report, "Squawk" experts Zandi of Moody's Analytics, Morgan Stanley's Reinhart, and AEI's Hassett all basically agreed the weaker numbers do not change the Fed's mind about starting its asset purchases taper last this month. But as CNBC's Becky Quick pointed out: the bond market may be telling a different story based on trading on the news.
8:40 a.m. ET
The 10-year Treasury yield traded at 2.87 percent as of this posting on Friday, after the weaker-than-expected August jobs report. The 10-year yield was trading at 2.96 percent before the employment numbers were released. (See where the bond market is trading now.)
8:33 a.m. ET
Dig into the jobs numbers: A more encompassing rate that counts the underemployed and those who have quit working also fell, dropping to 13.7 percent.
(Read More: Jobs growth misseshigh hopes; rate drops to 7.3%)
8:30 a.m. ET
Breaking news: US August nonfarmpayrolls at 169,000 vs. 180,000 est.; unemployment rate at 7.3% vs.7.4% est.
8:27 a.m. ET
Three minutes before the report, CNBC's Rick Santelli predicts job growth of 178,000 in August. CNBC's Steve Liesman said he's in "the 180,000 range."
"We're at 190,000. The whisper rumor ... kicks that up to 200,000," Morgan Stanley economist Vincent Reinhart said.
Mark Zandi, chief economist at Moody's Analytics, said he's at 180,000—explaining that "the August data is particularly squirrely. It's a month when businesses don't respond as quickly to the survey."
"Remember back August 2011 ... the print, it was acutally zero," Zandi added.
"Definitely, above 175,000 ... I think 190,000 is definitely in the cards," said Christian Weller of the Center for American Progress and the University of Masssachusetts professor of public policy.
8:15 a.m. ET
Asked whether the Fed could taper bond purchases just $5 billion-a-month, American Enterprise Institute economist Kevin Hassett joked that would be too little. "We need to do enough that we're not mocked."
8:06 a.m. ET
Reacting to the Evans news, the economists on the "Squawk Box" set interpreted that to mean September taper.
8:05 a.m. ET
Breaking news from Reuters:
The U.S. Federal Reserve can begin winding down its bond-buying stimulus plan later this year as the economy improves, but will likely need to keep official interest rates near zero for another two years, Chicago Fed President Charles Evans said on Friday.
While he did not specify an exact month for the start of a reduction in the Fed's purchases of mortgage-backed securities and Treasury bonds, his timeline appeared to make Evans reticent about making such a move at the central bank's next policy meeting in September, as most investors now expect.
