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Report projects marketers will increase ad spending 7% this year

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New York—U.S. marketers will spend an estimated $263 billion this year on advertising, up 7% over last year, according to a report presented at the Advertising Outlook Report 2004 Midyear Update in Manhattan.

The report was presented by Robert Coen, director of forecasting for Interpublic Group of Cos.' Universal McCann. Coen said ad spending is expected to increase to $280 billion by 2005, up 6.5% over this year’s spending.

Coen attributed this year's increases to advertising related to political campaigns, the Summer Olympics and a rebounding economy.

—Kate Maddox

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