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American Demographics analyzes advertising expenditures in four bellwether markets for the first three quarters of 2002 and 2003, and highlights consumer market drivers that may impact 2004 ad spending levels.

Sources: Competitive Media Reporting; Veronis Suhler Stevenson Communications Industry Forecast 2003; Kagan World Media: Media Trends 2003; Newspaper Association of America; Putnam Media: Pharmaceutical Manufacturing 2004; Consumer Federation of America; Merrill Lynch: 2004 - The Year Ahead; Travel Industry Association of America; National Automobile Dealers Association

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