Nov. 3 (Bloomberg) — The U.S. unemployment rate unexpectedly fell to a five-year low of 4.4 percent in October and growth in service industries accelerated, countering speculation the economy is headed for recession.

Employers added 92,000 workers last month, the Labor Department said in Washington. That followed gains of 148,000 in September and 230,000 in August that were higher than initially estimated. The Institute for Supply Management’s index of non- manufacturing businesses, which account for 90 percent of the economy, rose more than economists forecast to 57.1 in October.

The figures show the economy is bearing up under the weight of the housing-industry rout that drove the pace of expansion last quarter to the slowest since 2003. The dollar rallied and bond yields jumped as traders scaled back bets of a broader slowdown that would force the Federal Reserve to cut interest rates.

With the election just a few days away a stable and successful economy is good news for Republicans. Of course the Media will be playing down the success of our economy in hopes that Dems will be able to take control of the House and Senate. One thing you really have to fault Republicans for is not discussing the economy enough the past few months. If the Democrats do happen to take control of Congress next week… and that is a big IF, my guess is that there will be much less good news for Democrats to talk about.

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