Euro-area economic confidence in Oct surges to highest in 17 years

Zurich

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 in Brussels said on Monday. 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.