The number of personal bankruptcy filings for 2011 is on pace to be lower than 2010’s total, but many other economic indicators paint a still-gloomy picture of the nation’s overall economic recovery. Here’s a look at some of the latest figures on consumer spending, inflation, and mortgage prices and sales.

Recent numbers on consumer spending show the following less-than-exhilarating changes.

  • Consumer spending rose .4 percent in April (following a .5 percent increase in March). While this marks the 10th consecutive month of increases, economists apparently expected a slightly more robust .5 percent increase.
  • Inflation rose faster than it has in a year. When the spending figures are adjusted for inflation, in fact, spending rose only .1 percent in both March and April.
  • Consumer spending slowed from last year. In the fourth quarter of 2010 (the period from October to December), consumer spending was growing at a four percent annual pace; however, in the first four months of this year, that pace has slowed to 2.2 percent.
  • Pending home sales are down. The National Association of Realtors released numbers recently indicating that pending sales of homes (which track home sales expected in the near future) dipped by 11.6 percent in April, which hints that the housing market is sill deeply in its slump period.

While the news seems pretty bleak, gas prices have apparently dipped slightly in recent months, which has some economists suggesting that consumer spending will increase in response in the next few months.

Because the current economic troubles began in the housing market, many analysts still look there for signs of sustained recovery. So far, there isn’t much to raise hopes. Here’s a look at what is currently going on with mortgages and homes in the U.S.:

  • Low prices, few purchases: Despite low interest rates for mortgages and continued low prices, home sales are not picking up as might ordinarily be expected. Why? It seems that tight credit, persistently high unemployment and a lack of consumer confidence are all partly to blame.
  • Dips in home sales contracts: In the South, contracts for homes dropped by 17 percent; they fell by 10 percent in the Midwest and nine percent in the West. Only the Northeast saw a modest increase (two percent).

Ironically, many industry analysts have blamed banks for the housing market’s troubles, insisting that banks are being too tight with money. The exact opposite of this condition, of course, is what led to the housing market’s bubble and subsequent crash that touched off the recession in the first place.

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