Economy added 253K jobs in April, unemployment rate down to 3.4%, Labor Department

The U.S. economy added 253,000 non-farm payroll jobs in April, the Labor Department reports Friday.

The number beat Wall Street expectations despite concerns about inflation, the security of the U.S. banking system and a recession.

Wall Street project about 180,000 jobs would be added.

The average monthly gain over the prior six months was 290,000, according to the department's Bureau of Labor Statistics.

The jobless rate of 3.4% is the lowest since 1969 and was below Wall Street's expectation of 3.6%, according to CNBC.

The unemployment rate for March was 3.5%.