U.S. media have cut 196,200 or 18.6% of jobs since employment in that sector peaked in the 2000 dot-com bubble. More than half the cuts (109,700) came from newspapers. Media employment fell by 3.1% (27,600 jobs) from the start of the recession in December 2007 through October 2008.
Employment in advertising/marketing services -- ad agencies and the like -- reached an all-time high in November '07, on the eve of recession; it's fallen by 1.1% (8,500 jobs) since the recession began. Hot spot: marketing consulting jobs, now at a record high.
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The U.S. economy, meanwhile, lost 1.9 million or 1.4% of jobs from December 2007's all-time peak through November '08, when the unemployment rate rose to 6.7% (highest since 1993).
What's ahead? Economists think the recession will end some time in the second half of 2009, but another "jobless recovery" could follow. Forecaster IHS Global Insight bets average unemployment will top 8% in 2009, 2010 and 2011.U.S. Media and Advertising/Marketing-Services Jobs: 2000-2008
Source: Ad Age DataCenter Analysis of Bureau of Labor Statistics data
U.S. Media and Advertising/Marketing-Services Jobs, Oct. '08 Vs. Dec. '07 (Start of Recession)
Employment Change in Number of Jobs and Percent. Source: Ad Age DataCenter Analysis of Bureau of Labor Statistics data