After a long period of plodding economic growth, significant earnings gains over the last two years have finally enabled the average American household to surpass the peak income level it reached in 1999.
The median household income in the U.S. climbed to $59,039 last year, up 3.2% from 2015 after adjusting for inflation, the Census Bureau reported Tuesday.
That comes on the heels of a 5.2% jump in income in 2015, the highest annual percentage increase on record.
The back-to-back increases brought the median income — in which half of households earn more and half less — above the previous peak of $58,665 in 1999.
The median household income in California rose...