So while banking regulations limit our ability to engage in non-financial activities, our operating agreement with Time will help ensure a seamless transition. From a financial perspective, the publishing business will no longer be reflected in our financial statements beginning in Q4.
Before I conclude I feel it's only prudent to add a few comments regarding the government shutdown and debt ceiling, is well watched by the hour what is happening in DC. We have not yet seen any direct impact on our business here at American Express but we're not immune from the broader economies in which we operate; no one is.
Now as we started this call, it looks like our leaders in DC are finally coming to an agreement in both the Senate and the House. Resolving the stalemate is critically important. The alternative is an outcome that would erode consumer confidence and jeopardize a still uncertain economic recovery.
So, in summary, coming back to our results, we feel very good about our overall performance in the current economic environment. During the quarter, we saw modest improvements in billings growth across all regions. We also saw improved revenue growth, which then combined with best-in-class credit metrics, discipline on controlling operating expenses and a strong capital position to generate healthy earnings growth.
Our financial strength allowed us to achieve this growth, while still investing in growth opportunities, we currently see in the marketplace. Looking forward, we continue to believe that the flexibility of our business model enables us to deliver significant value to our shareholders.
With that, I'll turn the call back to the operator for your questions. I would ask that you limit yourself to one question with one follow-up, so that we can ensure we get as many people as possible to chance to participate. Operator?