American households finally earn more than they did in 1999 ($59,000)

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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.

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But the annual census report was not as glowing beneath the surface, and economists are concerned that budget proposals curtailing things such as food stamps could thwart continuing progress.

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There were 2.2 million more men and women working year-round and in full-time jobs last year than in 2015.

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