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The last time consumer credit grew at a faster annual pace was in February 2006, long before the credit crunch.
Indeed, moving a firm from the worst 10% to the best 10% of management practices is associated with a $15 million increase in profits, 25% faster annual growth, and 75% higher productivity.
Daniel Solomon, economist at the Centre for Economics and Business Research noted that the annual increase in consumer credit growth came in at £1.6bn and there have only been two instances of faster annual rises in consumer lending growth since September 2007.
Euro-denominated credit to EMDEs continued to grow at a much faster annual pace (13%) than US dollar credit.
While total U.S. manufacturing output since 1982 has grown at a faster annual rate than GDP 3.5% versus 3.2% –wealth creation in the U.S. has moved away from things measured in tons and toward weightless things like photons.
The faster annual wage growth keeps the pressure on Federal Reserve officials to continue slowly raising their benchmark short-term interest rate to prevent inflation from going too high.
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That was the fastest annual pace since 2006.
Factory gate prices rose 2.7%, their fastest annual rise since March 2012.
Department store sales also rocketed at the fastest annual pace since 1996, the ONS figures showed.
Consumer credit is meanwhile growing at the fastest annual pace for nearly a decade.
It was the fastest annual increase in productivity in seven years.
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CEO of Professional Science Editing for Scientists @ prosciediting.com