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Is a recession coming? Ad spending trends indicate ‘yes,’ report says

March 31, 2023

S&P Global Ratings joins other forecasters in highlighting patchy advertiser demand driven by the assumption that consumers will continue to watch their wallets given inflation and other macroeconomic headwinds. The research upheld that a recession is likely to take shape in the months ahead but will be “shallower” than previously thought. Consumer spending, which is a closer correlative of GDP than advertising activity, will grow 1.2% this year, according to S&P Global ratings. That figure is ahead of the anticipated 0.7% GDP growth rate in 2023.

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