The S&P 500 is also in a K-shaped economy, says Apollo, with a widening gap between the winners and losers

Torsten Slok, chief economist of Apollo Management (Credit: Victor J. Blue/Bloomberg - Getty Images)

The economy is a tale of two halves at present, with wealthy consumers reporting confidence in their outlook, while those at the lower end of the income ladder reportedly feel they’re living in a recession—albeit without widespread job losses.

This is what economists are calling a ‘K-shaped economy,’ where the fortunes of two distinct sets of consumers are increasingly diverging over time.