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| Graph #1: Median relative to Mean since 1953 |
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4 comments:
From Sciencing:
"In statistics, there is no difference between the mean and average... When speaking statistically, this average age of 22 [in the example] is referred to as the mean age."
And if I'm not "speaking statistically"? Or if I don't know whether I'm speaking statistically or not?? No answer.
I'm guessing FRED was speaking statistically, because they used the word "mean". Me, I was just having some fun. One of the things I remember from The Wealth of Nations was Smith talking about "mean people".
From the FRED Blog:
"Do you also know the distinction between “households” and “families”? A household includes all people living in a housing unit; a family includes only those related by marriage, blood, or adoption."
Makes sense, but I never know. And it's unwise, I find, to make up my own definitions for incidental terms.
The downtrend is there for all to see.
I'm lookin up data on repayment of debt. EducationData.org has a "Student Loan Payments" chart that lists some "mean monthly payments".
Yep.
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