Retailers’ troubles sound the alarm for rest of economy

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — The fastest inflation in 40 years squeezed retailers during the first quarter, alarming investors worried about the broader economy’s outlook. While profits for all companies in the benchmark S&P 500 index grew by about 9% last quarter, retailers’ profits contracted more than 30% from a year ago. Some economists are worried that retailers’ troubles are sounding the alarm for other areas of the economy too.