This acceleration in the pace of growth impacted favourably on the demand for labour, causing the US unemployment rate to edge lower to 6 per cent in October 2003. The real gross domestic product of Japan also increased at stronger-than-expected rates during 2003, while growth in China remained high.
A strong domestic demand, improved export performance and fiscal and monetary policies in the rest of Asia are expected to support growth in the rest of this continent. In contrast economic activity in the euro area was weaker than expected in the second quarter of 2003, but indicators for this region indicate that economic activity could firm somewhat in the coming months.