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MagnaGlobal revises U.S. ad forecast down to 2.9% growth next year

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New York—Citing weakness in the U.S. economy, MagnaGlobal, a division of IPG Mediabrands, revised its U.S. ad spending forecast to 2.9% growth next year, down from an earlier forecast of 4.8% growth. MagnaGlobal's forecast for U.S. ad spending growth this year remains unchanged at 1.6%. “A slowdown in real personal consumption expenditures, manufacturing activity and ongoing problems in the labor and housing markets all contribute to our revised outlook,” MagnaGlobal said in the report. The fastest-growing media categories next year will be online (up 11.6%), TV (up 7.1%) and outdoor (up 4.5%). More information about the report is available here.
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