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The U.S. marketing communications industry, broadly defined, is, by one key measure, within a hair’s breadth of a complete recovery from the Internet bust.
Based on the latest data from the Bureau of Labor Statistics (as seen in Graph 1), total employment at ad agencies, PR shops and an assortment of related companies was 788,600 as of June 30, only 3,000 fewer people than its peak in December 2000. From that pinnacle we saw a 38-month decline, followed, so far, by a 38-month recovery.
The growth rate in recent months has accelerated, a strong indication that a new high-water mark may have been set in July.
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