Americans are earning more than ever before. The median household income rose 3.2 percent between 2015 and 2016, to a new record of $59,039. That beats the previous record high of $58,665, set in 1999, according to data released from the U.S. Census Bureau on Tuesday.
The official poverty rate has also decreased by 0.8 percent.
The new high also represents "the first time since the recession ended in 2009 that the typical household earned more than it did in 2007, when the recession began," the Associated Press reports.
There are two good reasons to applaud the milestone. It means there's a little more money in Americans' pockets. And it means that the economy is finally recovering from the financial crisis.