The Second Wave of Agency Staff Cost Cuts is Starting to Build—But It Might Not Crash as Hard as the Spring Swell

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Ad spending is starting to recover from the low point of the coronavirus. But unless it miraculously accelerates, all the evidence points to further job losses at agencies in the months to come.

Between advertisers continuing to cut spending, economies on the brink of recessions, the end of emergency employment benefits, and a pandemic that’s surging in some markets, agency holding group CEOs are still in the grip of a serious crisis. 

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