Euro zone economic morale jumps to 29-month high in December

Thu Jan 9, 2014 5:11am EST

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  * Economic sentiment up by 1.6 points in December      * Hits long-term avg first time since July 2011      * Spain and Italy show strong improvement      * Business climate broadly unchanged in Dec        By Martin Santa      BRUSSELS, Jan 9 (Reuters) - Euro zone economic sentiment  improved more than expected in December, reaching its long-term  average for the first time since July 2011 as all sectors  appeared to become more confident about the ongoing economic  recovery.      Economic sentiment in the 17 countries sharing the euro  strengthened by 1.6 points to 100.0 in the ninth straight month  of gains, beating economists' expectations, data from the  European Commission showed on Thursday.      Of the bloc's five largest economies, morale in Spain jumped  4.0 points, 2.3 points in Italy and sentiment in the Netherlands  was up by 1.5 points in December.      The euro zone's largest economy Germany and the second  biggest France saw sentiment improving by 0.3 points in the last  month of the last year.      Euro zone consumer confidence was up 1.8 points in December  as households became more optimistic about future prospects  despite high unemployment, stuck at record high of 12.1 percent.      The Commission said that employment plans were revised  upwards in industry, and the retail and construction sectors and  were broadly unchanged in services.      A separate data release showed the business climate  indicator, which shows the stage in the economic business cycle,  edged lower to 0.27 in December from an upwardly revised 0.31 in  November, but it still beat market expectations of 0.22.  

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