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New York - A key advertising forecaster cut its global ad spending estimates once again, but says there are signs a bottom could soon be reached.
ZenithOptimedia now expects worldwide ad spending in 2009 to fall by 8.5%. In April, it slashed its forecast to a decline of 6.9%, steeper than the 0.2% drop it had predicted in December.
However, ZenithOptimedia says ad spending in the second quarter fell at a slower pace than the prior quarter.
The US is among the hardest hit markets. But a global recovery, including the US, is expected by 2011.
ZenithOptimedia is a unit of French advertising conglomerate Publicis Groupe.
- AP