Newspaper article THE JOURNAL RECORD

Market Upturn Foreseen

Newspaper article THE JOURNAL RECORD

Market Upturn Foreseen

Article excerpt

NEW YORK (AP) -- Two leading forecasters predicted a mild rebound in advertising spending for 2002 Monday, saying the Winter Olympic Games and congressional elections should help pull the industry out of a slump.

The growth would not be enough to bring spending back to the boom levels of 2000, "but it will start the gradual crawl back," said one of the forecasters, Robert Coen of Universal McCann.

Coen now expects a 2.4 percent increase in all U.S. advertising spending next year, a small but measurable rebound from the 4.1 percent contraction that is expected to occur this year. He released his forecast at a media industry conference hosted by investment bank UBS Warburg.

The 2001 shrinkage would be the first yearly pullback in U.S. advertising spending since 1991, according to Coen's calculations, and well off the 9.6 percent growth seen in 2000, when dot-com spending and the economic boom were in full swing.

Coen said he expected the U.S. economy to start moving back upward in the first quarter of next year as a series of interest rate cuts by the Federal Reserve and other government economic stimulus measures take hold. …

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