(RTTNews) - Thursday, there was brisk activity in Europe with many key statistical indicators being released from several countries. Data showed the German jobless rate falling to a 16 year-low, while in the UK, house prices marked their biggest annual decline in 18 years.

Eurozone

The Eurozone M3 money supply growth slowed less than anticipated in July. The European Central Bank, or ECB said M3 money supply grew 9.3% in July from the previous year, slower than the 9.5% rise in June. However, annual increase stood above the 9% growth expected by economists.

Indicating that the German labor market is buoyant, despite increasing worries of an economic recession, the jobless rate decreased to a 16-year low in August. A report from the Federal Employment Agency showed the seasonally adjusted jobless rate for the Eurozone’s largest economy decreased to 7.6% in August from 7.7% in July, while economists had expected the rate to stay at 7.8%. The current rate is the lowest since May 1992. At the same time, the number of unemployed fell 40,000 in August from July after seasonal adjustment. The decrease was four times bigger than the expected fall of 10,000.

Earlier in the day, Germany’s Federal Statistical Office said in its report that the German ILO seasonally adjusted jobless rate decreased to 7.3% in July from 8.4% in the year-ago period and 7.4% recorded in June. The rate for June was revised up from the initial estimate of 7.3%. The jobless rate for men stood at 7.4% and that for females was 7.2% for July.

According to the quarterly industrial investment survey of the French statistical office INSEE, business mangers downwardly revised the investment growth forecast for 2008 to 6% in manufacturing and in the industry as a whole. The investment growth estimate was revised from 8% expected in April.

A flash estimate from the National Institute of Statistics or INE announced that the Spanish Harmonized Index for Consumer Prices or HICP inflation is pegged at 4.9% year-on-year in August. The consensus forecast was for a 5.2% annual increase. If confirmed, August’s HICP annual inflation would ease from the 5.3% recorded in July, which is the highest level in more than ten years.

Spanish home sales decreased 29.6% year-on-year in June, the National Statistics Institute, or INE, said. Similarly, the number of new mortgages granted for home building declined 37.7%. This follows a 34.3% fall in home sales in May and 36.2% fall in new mortgage approval.

The Italian statistical office Istat said in a report that the producer price index, or PPI, rose 8.3% year-on-year in July, slightly faster than 8.2% recorded in June. Economists had expected the index to climb 8.4%.

The Statistics Belgium said in its report that the Consumer Price Index or CPI rose 5.39% year-on-year in August, slower than the 5.9% rise recorded in July. The CPI inflation stood well below the 6% expected by economists.

The National Statistics Office of Malta announced that the country’s manufacturing sales deceased 8.6% year-over-year to reach EUR560.9 million in the second quarter, after declining 7.2% in the first quarter.

Rest of Europe

UK house prices in August showed the largest annual decline in 18 years, as concerns over economic downturn as well as lower mortgage lending hurt the housing market, a report released by the Nationwide Building Society revealed. The price of a typical UK house recorded a double-digit decline of 10.5% year-on-year in August, severe than the 8.1% fall in July. The decline in August was the largest since the fourth quarter of 1990 and exceeded the 9.6% fall expected by economists. Month-on-month, house prices were down 1.9%, following a revised decrease of 1.5% in July.

UK’s balance of retailers reporting decline in sales volume in the first half of August stood at minus 46%, the weakest since the survey began in 1983, the Distributive Trades Survey carried out by the Confederation of British Industry showed. Sales volume is expected to drop sharply in September also, the CBI stated.

The Swiss Federal Statistical Office said in its quarterly report that that the employment increased 2.4% in the second quarter from the previous year. Economists were looking for an annual rise of 2.1%.

The Crostat reported that Croatia’s industrial output rose 1.8% year-on-year in July. The agency also announced that there was a 0.8% monthly decline in real net earnings in June.

The Statistics Lithuania announced that the country’s retail trade turnover increased 12.2% in the January to July period of the year. Excluding motor trade, retail sales grew 10.3%. In July, retail sales grew 4.4% year-on-year, while they were up 6.3% on a monthly basis. The statistical office also reported that the second quarter year-on-year economic growth was revised down to 5.3% from 5.5%. In another report, the Statistics Lithuania showed that the country’s construction costs rose 10.3% year-on-year in July.

The Statistics Iceland reported that the country’s producer price index, or PPI increased 2.4% month-on-month in July, smaller than the 3.7% recorded in June. On an annual basis, the PPI surged 35.7% in July, after rising 29.5% in June.

The results of the business survey conducted by the GKI research group showed that that the Hungarian consumer confidence indicator declined to minus 43.5 in August from minus 42.9 in July. During the corresponding period of the previous year, the reading was at minus 47.2.

The Norwegian Labour and Welfare Service said in its report that the NAV jobless rate stood at 1.8% for the second straight month in August. The rate matched economists’ expectation.

The Statistics Sweden announced that retail sales volume rose working day adjusted 1.3% year-on-year in July, a smaller growth compared to June’s revised 3%. Earlier, the statistical office had reported a 3.3% rise for June. Economists had expected sales growth of 1.4% for July.

The Statistical Office of the Slovak Republic announced that the country’s consumer confidence fell to minus 10.1 in August from minus 8.8 in July. The industrial confidence plunged to minus 0.3 in August from 0.7 recorded in prior month.

The Hungarian jobless rate stood at 7.5% in the May to July period, slightly smaller than the 7.6% seen in the three-month period ending June, the Hungarian Statistical Office said. A year-ago, the jobless rate was at 7%.

The Statistics Estonia announced that the country’s average monthly gross wages and salaries increased 15.2% year-over-year to reach 13,306 kroons in the second quarter. In the first quarter, the increase was 19.5%. Further, the statistical office said real wages grew 3.4% in the second quarter, given that the consumer price inflation was 11.4% for the period. Separately, the statistical agency said the total production of Estonian construction enterprises in Estonia and in foreign countries decreased 6% year-on-year in the second quarter.

Estonia’s consumer confidence remained stable at minus 19 in August from July, the Estonian Institute of Economic Research said. Meanwhile, industrial confidence fell further to minus 9 from July’s reading of minus 7.

Denmark’s seasonally adjusted jobless rate stood at 1.6% in July, unchanged from June, the Statistics Denmark said. The rate of unemployment came in line with the consensus forecast.

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