经济学人官方译文 | 美国公司CEO信心指数跌至十年最低水平

America Inc’s profits are under pressure
美国公司面临盈利压力
America Inc reports
美国公司报告
CEO confidence declined to its lowest level in a decade
CEO信心指数跌至十年最低水平

经济学人官方译文 | 美国公司CEO信心指数跌至十年最低水平

DESPITE A GOOD run of profits and the longest economic expansion in history, the mood in corporate America is darkening. The latest survey of bosses’ confidence is plunging. That gloom is reflected in forecasts for the third-quarter earnings season, which is now under way. While the median firm will still see rising profits, earnings per share for the S&P 500 index are expected to fall when compared with the previous year, dragged down by a small number of Goliaths (such as Apple, Exxon and Boeing). Companies continue to splash out on share buybacks, though less zealously than last year. Since 2017 firms that favour buybacks have outperformed the index, according to analysis by Goldman Sachs. But those that used their cash on mergers and acquisitions did even better. Discouragingly, those that ploughed money into capital expenditure and R&D, which are necessary to boost long-term growth, fared far worse.​
尽管利润飘红,而且又经历了史上最长的经济扩张期,但美国商界的情绪正变得低落。最新调查显示企业老板们的信心骤降。第三季度财报季拉开之际,这种愁闷情绪也渗透进对这一季度财报的预期之中。位于中位的公司盈利预期仍会上升,而标普500公司的每股盈利预计将同比下滑,原因是受到少数几家大公司的拖累,如苹果、埃克森和波音。公司仍在大笔回购股票,尽管较去年已有所收敛。高盛的分析显示,自2017年以来,更偏爱回购股票的公司表现好于总体指数。但那些把资金用于并购的公司表现还要更好。令人沮丧的是,在资本支出和研发等促进长期增长所必需的环节上投下重金的公司处境却糟糕得多。