[eMarketer] The US ad and PR industries lost 2,400 jobs in May, and more could be on the way
Advertising and public relations lost 2,400 jobs in May despite an overall increase in US employment, per the US Bureau of Labor Statistics, a sign that the industry is beginning to wade through a period of uncertainty that will define the rest of 2022.
Ad agency employment is still at a high, but last month’s downturn comes as the industry faces an uncertain economic outlook and adtech issues.
By some metrics, digital advertising seems to be doing better than ever. Digital ad spending will reach record highs this year, consumers are still spending, and industries that suffered during the pandemic are seeing a return to advertising.
Recent layoffs at independent advertising agency The Many are a preview of how advertising’s troubles will take form.
The small shop, which reportedly lost Google as a client, recently let go of around half its staff after two rounds of layoffs, Adweek reports.
eMarketer opines that the immediate future of the digital ad industry is unclear, and if a recession really is coming for the US economy, advertising is often one of the first industries to get cut.