This is what’s supposed to happen after a recession. It’s just five years later than expected.

The economy (measured by GDP) grew 5%, adjusted for inflation, from July through September, after 4.6% growth in the prior quarter, the Commerce Department reported Tuesday. One three-month period of turbocharged growth might be a fluke, but two is fairly convincing. The recovery that’s been limping along since mid-2009 finally seems to be hitting its stride.

GDP growth is likely to cool down to around 3% through the end of 2014 and stay there through 2015. But modest growth, on top of recent gains, will most likely allow the Federal Reserve to continue its monetary stimulus with only slight tightening. The whole economy, in fact, is hitting a sweet spot that could arguably be described as the return of prosperity, after many false starts since the tepid recovery officially began in mid-2009. Here are a few big things, in addition to strong GDP growth, that are going right:

Job creation is taking off, with employers adding an average of 241,000 new jobs per month in 2014. In November, that accelerated to a sizzling 321,000 new jobs-- the best pace of job growth since 1999, which was a boom year we’d be lucky to relive.

Inflation is a non-issue. It’s unusual to get strong growth with minimal inflation, and this might not last. But for now, the only price increases most families have to contend with involve the perennial budget-busters, healthcare and education.

Interest rates remain remarkably low, with rates on 30-year mortgages and car loans around 4% for the best-qualified borrowers.

The stock market keeps hitting new record highs. That helps the wealthy more than the middle class, yet a strong stock market also makes companies more comfortable spending and hiring, which benefits everybody.

Plunging gas prices have been a gift to consumers that could save the typical family $1,000 per year if they stay around $2.40 per gallon. The corresponding drop in oil prices will cut heating costs this winter, with other fuels such as natural gas and propane getting cheaper, too.

Lending standards are easing as banks finally get comfortable taking a bit more risk following the traumatic housing bust that began in 2006. Plus, the government has taken steps that ought to help more first-time home buyers make a purchase with a down payment as low as 3%.

There are still plenty of problems that ordinary people feel every day. Unemployment remains way too high in pockets of the economy. Important sectors such as construction and manufacturing may never return to prior employment levels. Income growth has been anemic and some families are grappling with falling living standards. The housing market is hot and cold. Problems in Asia and Europe are depressing growth in the United States.