WPP, the world’s largest marketing/communications company, has been impressed by the strength of the U.S. recovery, for their industry at least.
Whereas before WPP expected U-shaped recovery in North America, they’ve now seen a V-shaped one, which basically means that it has beaten their expectations.
WPP’s US like-for-like revenues have improved markedly from a drop of 6pc in the fourth quarter of 2009 to growth of almost 4pc in the first quarter of 2010 and 8pc in the second, with July seeing similar levels.
“In our 25 years of existence, we cannot remember a more speedy recovery or turnaround of a region,” said WPP.
That’s a pretty shocking comment, given that it comes from a marketing firm, and refers to North America right now. Companies are willing to spend on marketing despite fears of a dead U.S. consumer. Are U.S. companies spending out the nose on marketing in order to fight over a diminished consumer? Or is this a legitimate sign of future U.S. strength?
Business Insider Emails & Alerts
Site highlights each day to your inbox.