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The median household earned more money in 2016 than ever before, according to new Census Bureau data. The typical family earned $59,039, up 3.2% compared to 2015 and beating the previous all-time high of $58,149 from 1999. (Census Bureau officials, however, warned that the the 2016 number isn't directly comparable to estimates from before 2014, when its survey was modified to capture more sources of income.)

Expand chart

Data: U.S. Census Bureau; Chart: Lazaro Gamio / Axios

Why it's good news: 2016 was the second straight year for wage increases as a strong job market has raised wages for some and provided new jobs for the previously unemployed.

Why it's not so good news: Even if median income is at an all-time high, it's not very much higher than it was twenty years ago. As University of Michigan economist Justin Wolfers writes this morning on Twitter, "The most amazing fact remains that Real Median Household income in 2016 is barely above that in 1999."

Point is, for the American middle class, it hasn't just been a lost decade. It's pretty much a lost two decades. An urgent economic crisis. — Justin Wolfers (@JustinWolfers) September 12, 2017

Is it really a crisis? Not every economist would characterize the situation in such dire terms. The American Enterprise Institute's Mark Perry has pointed out that because household sizes have been declining over the years, median income per person has been rising at a faster rate than median household income. Another factor holding down income growth is the retirement of baby boomers — causing a wave of high earners to leave the labor market only to be replaced by younger folks not making as much.

Go deeper

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Johnson & Johnson CEO Alex Gorsky said Monday that he is "absolutely" confident that the company will be able to meet its distribution goals, which include 100 million doses by June and up to a billion by the end of 2021.

Driving the news: J&J is already in the process of shipping 3.9 million doses this week, just days after the FDA issued an emergency use authorization for the one-shot vaccine. Gorsky said he expects vaccines to be administered to Americans "literally within the next 24 to 48 hours."

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Clash of the central bankers

Photo Illustration: Eniola Odetunde/Axios. Photos: Bloomberg, Samuel Corum (Stringer)/Getty Images

While Fed chair Jerome Powell is brushing off the seismic rise in government bond yields and a corresponding decline in stock prices, a group of central bankers in the Pacific are starting to take action.

Driving the news: Bank of Japan governor Haruhiko Kuroda told parliament on Friday the BOJ would not allow yields on government debt to continue rising further above the BOJ's 0% target.

Biden expresses support for Amazon workers' union vote in Alabama

Photo: Joe Raedle/Getty Images

President Biden expressed support for a union vote by Amazon warehouse workers in Alabama in a two-minute video posted on Twitter Sunday, though he did not name the tech giant specifically.

Why it matters: A vote by workers at the Bessemer, Ala., warehouse to join the Retail, Wholesale and Department Store Union would make the facility the first Amazon warehouse to unionize in the U.S., per NPR. The election will run through March 29.