The Squeeze Is On as Agencies Cut Budgets

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NEW YORK The news already feels old: The process of agencies crafting their budgets is being complicated by the broader collapse in financial markets. But the ramifications are just beginning to crystallize.

Holding companies and their agencies are freezing or cutting spending on everything from new hires and temporary help to travel and entertainment. Layoffs also have been common and most holding companies are reexamining bonuses.

WPP Group perhaps has been the most aggressive at cost cutting.

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