Equity markets are down in early Friday trading after the government reported that the economy created just 80,000 jobs in June, 20,000 below what were already modest expectations. The data point is likely to heat up the political rhetoric and put pressure on the Fed to do something else to stimulate growth.

"What a disappointing number," said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank. "This was kind of disastrous. We're not even keeping up with demographics at this point. This is not going to be liked in the markets."