After an exciting weekend on the slopes in Vermont, I return to the ad business refreshed and motivated.
And why not? Despite economic concerns that stem from the sub-prime mortgage market readjustment and the usual economic scare tactics employed by presidential campaigns, marketing is the place to be. Whether it’s “recession proof” BBDO, my anecdotal experience that just about everyone is hiring or the AdAge report that employment in the industry has reached a record, opportunities abound.
A close reading of the report shows that most of the job growth is driven by marketing consultancies, with ad agency employment still 10% below the peak it hit in 2000…but who in the industry really expected a return to the silly money days of profitless companies burning through the money they made in their IPO with an expensive agency before closing their doors eight months later?
The point is that it’s not a bad time to be in this industry.
Agency Spy even gets in a dig at journalists feeling the pinch from the newspaper slowdown. Things have definitely improved when it’s come to that, right?
It is not clear that we are in or will enter a recession yet. As a quick refresher, it takes two successive quarters of declining GDP for an economy to officially be in recession and that is not something that has happened to this point.
And if you use marketing spending and agency employment as a rough guide, which has historically proven a generally accurate, if rough, economic bellweather, the recession may not come to be. Wishful thinking, perhaps. But whatever happens, the short term news is good and is worth celebrating.