All the headlines are rosy. Apples, Googles, Amazon, and Facebook reported strong sales. Starbucks earning topped analyst projections. The number of unemployment claims last week fell to the lowest level. The US economy rebounded with 74% increase from the previous quarter.
However, do they really capture what people really feel? Is it possible that these shiny and positive numbers are driven by just a handful of pandemic-proof companies as well as well-off people? Aren't we experiencing the K-shaped recovery, where the average of everyone means nothing because it overshadows the struggles of people who were hit hard by the pandemic?
Shouldn't we look at the economic indicators from different groups categorized by their income levels or industry sectors? Or is there a single economic measure that sums up the growths of different groups?
Don't be fooled by the allure of the average. A real picture is often hidden behind that single number.