关键词：US；housing activity；Europe；construction activity；Japan；this output
摘 要：In the US, housing activity has continued its sharp revival fromthe extreme lows of early 2011.In Europe the trend in construction activity continues to lackdirection with activity short of the levels seen in 2010-11 – andwell below the 2007 pre-recession peak.In Japan, this output has also continued to lack clear directionon a month-to-month basis, although in this case this follows astep-up in early 2012.