U.S. adds whopping 528,000 jobs in July as labor market booms

Employers added a stunning 528,000 jobs in July, while the unemployment rate ticked down to 3.5%, the lowest level in nearly 50 years, the Labor Department said on Friday.

Why it matters: It's the fastest pace of jobs growth since February as the labor market continues to defy fears that the economy is heading into a recession.

Economists expected the economy to add roughly 260,000 jobs in July.

Job gains in May and June were a combined 28,000 higher than initially estimated.

The backdrop: The data comes at a delicate time for the U.S. economy....