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In the construction sector, seasonally adjusted production rose by 1.4% in the euro area (EA17) and by 0.3% in the EU27 in July 2011, compared with the previous month. In June, production decreased by 1.3% in the euro area and by 1.1% in the EU27.

Regional and state unemployment rates were generally little changed in August. Twenty-six states and the District of Columbia reported unemployment rate increases, 12 states recorded rate decreases, and 12 states had no rate change, the U.S. Bureau of Labor Statistics reported. Thirty-seven states registered unemployment ratedecreases from a year earlier, 11 states and the District of Columbia had increases, and 2 states experienced no change. The national jobless rate was unchanged at 9.1 percent but was 0.5 percentage point lower than a year earlier.

Despite economic ups-and-downs, the majority of Americans will continue to spend, according to the latest American Express Spending & Saving Tracker. The survey, conducted in the midst of news surrounding high unemployment rates, and unexpectedly robust retail sales, found that 21% of Americans plan to spend more, with 43% expecting to spend the same, in the next six months compared to the first half of 2011. This represents an increase of 6% and 4% respectively from 2010. Greater consumer spending will be lead by young professionals, with 41% intending to open their wallets wider for 2011 year-end purchases, an 18% increase from last year.

Comparing with the previous month, among 70 medium and large-sized cities, the sales prices of newly constructed residential buildings declined in 16 cities while that of 30 cities remained general level. The chain index decreased and remained the general level rose by 15 cities in August as compared with previous month. The month-on-month growth rate within 0.4 percent in the cities with increasing price, while that of 8 cities dipped.

In the last three months to July 2011, manufacturing production was 4.5% higher than a year ago, but was almost unchanged compared to the first quarter. Manufacturing production in recent months has been affected by supply disruptions stemming from the Japanese tsunami. Manufacturing output is now some 14% higher than its trough in early 2009 and still 8% below its peak in early 2008.

The first estimate for euro area (EA17) trade with the rest of the world in July 2011 gave a 4.3 bn euro surplus, compared with +4.7 bn euro in July 2010. The June 2011 balance was +0.1 bn, compared with +0.4 bn in June 2010. In July 2011 compared with June 2011, seasonally adjusted exports rose by 2.0% and imports by 1.9%.

Economic growth in the EU is slowing down. After growing strongly in the first quarter of 2011, GDP expanded less in the second quarter. GDP growth is now expected to remain subdued in the second half of the year, coming close to standstill at year-end. The soft patch predicted in the spring forecast is now likely to deepen but will not result in a double dip. On account of the stronger-than-expected performance in the first quarter, annual growth is still projected at 1.6% in the euro area and 1.7% in the EU. However, growth forecasts for the second half of the year have been revised down considerably, by ½ percentage point for the euro area as well as the EU compared to the Commission's spring forecast. Moreover, the current outlook is uncertain, and the balance of risks to this forecast is to the downside.

Hourly labour costs in the euro area (EA17) rose by 3.6% in the year up to the second quarter of 2011, compared with 2.7% for the previous quarter. In the EU27, the annual rise was 3.4% up to the second quarter of 2011, compared with 2.3% for the previous quarter.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.8 percent before seasonal adjustment.

Developing Asia’s demographic landscape will change dramatically in coming decades and policymakers will need to manage the process carefully to ensure future growth as populations age, says a new Asian Development Bank (ADB) report.