In a revised report from Fitch Ratings, some new forecasts on the growth (or not) of advertising in 2009. I think it's interesting to look at how the policitcal season "masked the softness" of the local and national ad markets. Fitch sees about 40% of national ad dollars under pressure because of industry issues: automotive, retail, general services, and of course financial services.
The report also notes that online media will still grow, albeit modestly