Their house prices are wobbling and debt is soaring. But Americans are eating hamburgers, purchasing plane tickets and buying iPods in greater numbers than ever.Strong corporate earnings in the US this week have eased fears of a “hard landing” for the economy as the public shows little evidence of pain from slowing growth.

McDonald’s reported a 15% rise in third-quarter profits yesterday to $843m (£449m), fuelled by better coffee, chicken snack wraps, its “I’m lovin’ it” marketing campaign and an effort to encourage more off-peak snack sales.

guardian.co.uk

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