The Two Class America Theme is Alive and Well: Tiffany’s Shining While Unemployment Claims Flat
This morning, unemployment claims came in at 460,000. Thus, they continue to remain flat since Q4 of last year. At this pace — and considering May is peak employment from the Census bump — unemployment won’t improve.
However, in the tale of the other city, our Two Class America theme continues to play out as luxury jeweler Tiffany’s (NYSE: TIF) Q1 profit more than doubled. Net income surged to $64.4 million from $24.3 million year-over-year. Sales in the quarter spiked 22% to $633.6 million from $517.6 million.
Most of that was probably due to the healthy stock market rally. Now that things have changed in the markets, TIF may have a tougher quarter ahead.
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