Ad spending down

Crain's NY Business cites a Wednesday report from TNS Media Intelligence that advertising expenditures are up just 0.6% in the first quarter of 2008.

Not surprisingly, newspapers have taken the biggest hit and are down 5.2% with automotive and real estate advertising cutbacks. Radio is next in line, dropping 4.5%.

“That [slowing momentum] points to the larger uncertainties that advertisers face,” said Jon Swallen, senior vice president of research at TNS Media. “They’re hesitant about the overall economy.”

I don't know that that's really news. Pretty obvious I would think.

"Consumers are the ultimate engine behind the advertising economy,” said Swallen, who sees the second quarter winding up much like the first. “As long as the current economic situation is as pessimistic or cautious as it is, it’s unlikely there’s going to be a resumption of robust spending.”

Three cheers for gas prices and a real estate debacle!