成本压力或带来美国公司利润率大幅度下降 Consumer sectors are experiencing the biggest average downward pressure on margin estimates for 3Q. Just under half of S&P 500 companies with 3Q operating-margin estimates had forecasts decline over the past three months. Within consumer staples, over half the companies were revised downward; about one-third of discretionary names suffered the same fate. Average downward revisions were larger than those moving in the opposite direction for only four S&P 500 sectors, but this masks an underlying breadth concern, as most sectors have more members with negative trends. Only financials, real estate and energy had more companies with positive revisions to 3Q margin estimates than negative over the past month.