These numbers give the Fed license to cut rates as much as necessary.

These [jobless] numbers confirm everything that came out in the Fed statement. Things are going to get worse before they get better on the unemployment rate front.

These are horrendous numbers that put the equation in stark relief for the Fed. They have to cut rates by 25 basis points [one-quarter percentage point] in October, and the debate could swing to a 50 basis point cut.

You're seeing inventories creeping up and affordability pinching more and more, and you're seeing long-term rates creeping up. All that suggests a trimming of housing activity.

The numbers are consistent with the view that the Fed raises rates again next week.

I think this is an important first step for the central bank. They didn't want to lower rates too aggressively for fear of sending a signal to the markets that they thought things were completely falling apart.