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NEW YORK Lee Westerfield, senior media analyst at BMO Capital Markets, has downgraded his U.S. ad spending forecasts, reducing his 2007 projections from an increase of 3.4 percent to 2.6 percent; and his 2008 projections from an increase of 4.3 percent to 3.7 percent. (He is also forecasting that 2009 ad spending will rise 2.7 percent.)
Westerfield said those rates of growth are below the trend line of the past four years—with the main reason being the softening of the financial services, home improvement and auto categories.
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