From Media Life Magazine:

Full-year 2009 spending will decline by 14.5 percent, from $189 billion to $161 billion, and that’s excluding the impact of political and Olympic advertising.

During first half alone, ad spending will be off 18 percent.

Though declines will lessen through 2010, with ad revenues declining by 2 percent, any real recovery is still years off. The global media agency predicts a mere 1.0 percent compound annual growth rate through 2014.

Full Story here.