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.

South Africa’s economy remains on track for a good year, but while rising incomes will continue to provide support for consumer spending, higher interest rates and growing structural imbalances will muzzle the country’s overall expansion, according to Moody’s <i>Economy.com</i> economist Dr Ruth Stroppiana.