The month of September proved to be lucky for the 16 countries that use the euro, as the economic and consumer confidence bettered for the sixth straight month. The confidence hit an 11-month high, along with supporting the speculation that the economy grew in the third quarter of the year.

As per a monthly survey by the European Commission, the overall economic sentiment indicator for the euro zone rose to its highest level since September of last year to 82.8 from 80.8 in August.

An increase of 82.2 was predicted by the economists surveyed last week. The August figure was revised from the previously reported 80.6.

Other recent surveys have indicated that the economy grew in the third quarter when compared with the second quarter, and the continued pickup in confidence from record lows is consistent with them. 

However, some members of the European Central Bank remain skeptical that the recovery will be strong or sustainable, even when there are growing signs that the economy is picking up from the lows plumbed in the first quarter of the year.

As per ECB president Jean-Claude Trichet, it is still too early to begin implementing plans to end the current liquidity support.

Consumer confidence hiked in September to -19 from -22 in August in the euro zone, according to the commission. It was considered to be the best level since -19 last September and was also stronger than economists' expectations for a rise of -21.

On the other hand, Industrial confidence grew to a 10-month high of -24 in September, from a revised -25 a month earlier.

“Confidence in the services sector improved for a sixth straight month, with the commission's headline measure rising to -9 from -11 in August. Confidence in the construction sector also improved in September to -31 from -32 a month earlier. The retail sector, however, posted a second straight decline, with the index falling to -15 in September from -14 in August,” said a source.