Seven views on non-farm payrolls:

March US nonfarm payrolls added just 126K jobs compared to 245K expected and the details were soft. One of the big questions is if the problem is the weather or the strong dollar.

TD

The jobs report weakens the "argument for a mid-year hike" and heightens importance of next few jobs reports. They expect the Fed will "hold the line on rates" until Sept.; balance of risks shifting to later start to liftoff. They note that market pricing suggests expectations are now for Dec move.

Capital Economics

Economist Paul Ashworth says the Fed could wait until September to hike. They note that payrolls are "always volatile even at the best of times" and "doubt this is the start of a new slump". Other metrics like jobless claims and job openings suggest the labor market is "very strong".

FTN

FTN strategist Jim Vogel writes in client note "You could expect negative revisions to Jan/Feb, but not this big. You could expect a March miss, but not this big." He recommends buying 30-year bonds.

Scotia

Economists at Scotia aren't overly concerned. They note that even though Q1 jobs were softer, the quarter still averaged 197k/month, signalling underlying strength in labor market. They add that the wage improvement in March was "solid".

Brown Brothers Harriman currency strategist Win Thin:

"I'm not pushing the panic button yet. It is still a Q1 number. I don't think the Fed will either. We're not getting a clean read on the economy yet. We had a bad winter for most of the northeast and any clean read for the economy will come in the next couple of months.People already priced in a weak Q1. But I don't think it has derailed to dollar rally yet. Obviously it is weighing on the dollar but I think we still remain in a corrective or consolidative phase for the dollar."

Wells Fargo fixed income strategist Jim Kochan:

"I'm not pushing the panic button yet. It is still a Q1 number. I don't think the Fed will either. We're not getting a clean read on the economy yet. We had a bad winter for most of the northeast and any clean read for the economy will come in the next couple of months."People already priced in a weak Q1. But I don't think it has derailed to dollar rally yet. Obviously it is weighing on the dollar but I think we still remain in a corrective or consolidative phase for the dollar.

Mohamed El-Erian, chief economic adviser at Allianz:

"The sharply lower-than-consensus job creation for March is a reminder that the U.S. economic recovery is yet to reach escape velocity. The economy's structural growth momentum is not yet strong enough to decisively overcome short-term weather disruptions and headwinds from abroad. Today's number will lead markets to push further back in time expectations of the Fed's first rate hike. Including away from June and in favor of September."