Auto cutbacks weigh on US ad spending in 1st qtr

Newswire

By Michele Gershberg NEW YORK, May 31 (Reuters) - U.S. advertising spending grew more slowly than expected in the first quarter, hurt by cutbacks in the auto industry as it took steps to reverse huge losses, according to data released on Wednesday. Ad spending rose 5.2 percent in the first three months of the year to $34.9 billion, trailing a forecast for 5.5 percent growth, according to tracking firm TNS Media Intelligence. TNS has forecast advertising growth of 5.4 percent for all of ...

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