Most indicators are pointing up.
Here is a great set of charts from the WSJ examining our current economic situation. The U.S. is still very much deflated and feeling the affects of the recession, but things are getting less bad. Not good, but less bad.
We can see that for the most part the major indicators are looking positive. Consumer confidence is heading back up and that tends to drag everything else with it. Housing however, will take many years to recover. Residential construction could pick up, but for house prices to rise nationally the excess supply in several development hubs will need to be exhausted.