In July, amid a world of seemingly unprecedented uncertainty, the expansion enters its eleventh year, officially qualifying as the longest economic growth cycle in U.S. modern history.

Here's what going on.

Personal income, which accounts for 70% of the U.S. economy and is the key driver of the nation's growth, rose at a strong pace and broadly over the 12 months ended May 31st, and accelerated from the pace a month earlier. At the end of April, personal income had grown 3.9% over 12 months earlier; at the end of May, the 12-month growth rate rose to 4.1%.