The U.S. added twice as many jobs in October as the month before and the unemployment rate stayed at a five-year low, easing concern of broader slowdown in the economy, economists said before a government report today. Employers added 123,000 workers to payrolls during the month, up from 51,000 in September that was the smallest gain in almost a year, according to the median estimate of 76 economists surveyed by Bloomberg News. The unemployment rate probably held at 4.6 percent. More plentiful jobs and rising incomes last month encouraged consumers to keep spending. That gave the economy a lift after it stumbled in the third quarter with the biggest decline in homebuilding in 15 years. A strong labor market bears out Federal Reserve policy makers' forecast of ``moderate'' economic growth in coming months. ``Labor market fundamentals are still healthy and the job market is tight,'' said Doug Porter, deputy chief economist at BMO Capital Markets in Toronto. ``We continue to see upward pressures on wages.'' The Labor Department is scheduled to release its report at 8:30 a.m. in Washington. Forecasts for the increase in payrolls ranged from 72,000 to 180,000. Payroll gains averaged about 137,000 a month this year. Estimates for the unemployment rate ranged from 4.5 percent to 4.8 percent. President George W. Bush is campaigning ahead of next week's midterm elections by telling voters that Republicans will do a better job protecting America, and that Republican policies, especially $1.85 trillion in tax cuts, have made the economy strong. Bush said in a Nov. 1 interview that pessimism over the course of the Iraq war ``overshadows'' and affects voters' perceptions of other issues, including the economy. ``I think labor market conditions will remain pretty firm,'' Fed Bank of Richmond Jeffrey Lacker said in a speech this week in Baltimore. ``Even if they ease a bit, they would have to ease a lot to throw a monkey wrench into consumer spending growth and that doesn't seem likely to me.'' The Fed held its benchmark overnight lending rate steady for a third straight month in October. Central bankers said that, while ``some inflation risks remain,'' a slowing economy will probably cause inflation to moderate.''