Two different branches of the Federal Reserve issued economic reports on Monday, one not particularly sanguine about the U.S. economy, the other more hopeful about a region whose relatively strong economy has gotten some attention lately.

The U.S. Bureau of Labor Statistics reported on Friday that regional and state unemployment rates had little change in August.

The Federal Reserve said in its second quarter 2012 Flow of Funds report on Thursday that U.S. household net worth was $62.7 trillion in 2Q12, a slight decline compared with the first quarter.

In another sign that the housing market is getting some traction, U.S. housing starts were up in August to an annualized rate of 750,000 units, according to the Census Bureau.

The National Association of Home Builders reported that its housing market index increased 3 points in September to 40.

The Empire State index unexpectedly decreased to negative 10.4 in September from negative 5.9 in August, according to the New York Federal Reserve’s manufacturing survey, which was released on Monday. It’s the lowest reading since November 2010.

QE3 turned out to be a different creature than the preceding quantitative easings. Instead of a concentrated stimulus in the form of bond purchases, the Fed has decided to beat the drum steadily.

The euro-zone, and probably the world economy, dodged another bullet on Wednesday when Germany’s supreme constitutional court ruled that the country could participate in a proposed permanent European bailout fund, formally known as the European Stability Mechanism.