Apparently there's a reduction in DM spending.Well, yes, but ...
A large agency network has lost 14 projects in the last couple of weeks from a single client. The agency would have needed to hire freelancers to finish the work on time, and the agency's FD had told everyone he/she needed to give approval of anything which couldn't be done in-house. When a week later the agency still hadn't said it could do the work (because they couldn't get an answer from their FD), the client quite understandably gave it to another agency. Note, the client spend did not change.
It is entirely possible to create your very own recession, if you really want to.
Photo: chefranden
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