Euro zone sentiment at 17-year high
Euro-area economic confidence surged to its highest in almost 17 years, reflecting an improved outlook for a region that not long ago was blighted by record joblessness and a double-dip recession.
The index of industry and consumer sentiment rose to 114 in October from a revised 113.1 the previous month, the European Commission said yesterday. That’s the gauge’s fifth consecutive monthly increase and the strongest reading since January 2001. It compares with a median estimate of 113.3 in a Bloomberg survey. After the past decade dealt the euro area two prolonged economic slumps, a sovereign debt crisis and an almost-exit of Greece from the single currency, the 19-nation region is experiencing a growth revival. Unemployment is declining and consumer spending, as well as corporate earnings and investment, are on the rise.
Better performances in countries from the United States and Canada to Russia and India have also buoyed that upswing.