Economic sentiment in the euro area unexpectedly rose in October in a sign that the 18-nation region has moved one step away from a renewed economic downturn.
An index of executive and consumer confidence increased to 100.7 from 99.9 in September, the first gain in three months, the European Commission in Brussels said today. Economists predicted a drop to 99.7, according to a Bloomberg survey. There was also positive news in Germany, Europe’s largest economy, where unemployment unexpectedly fell the most in six months.
The increase in confidence may help the region escape a spiral of falling sentiment and investment that could curb output after the economy stagnated in the second quarter. With the recovery struggling to get going, the European Central Bank is continuing to add stimulus to revive growth and inflation.
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