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NEW YORK Merrill Lynch has downgraded its outlook for U.S. ad spending for 2006 and 2007, lowering its growth estimate this year to 4.7 percent from 5.1 percent and dropping its forecast for next year to 2.8 percent from 3.5 percent.
In a note to investors issued Wednesday, Merrill analyst Lauren Rich Fine said that the rate of advertising growth now trails the overall rate of inflation. The trend “supports our belief that media no longer enjoy the benefit of above average rate inflation, rather the opposite where increased competition and measurement is putting pressure on rates,” Fine said.
Merrill
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