Or, you know, not.

According to figures released yesterday by the marketing info firm TNS Media Intelligence, “ad spending during the second quarter of 2008 was off 3.7 percent versus last year, the steepest quarterly drop since 2001.”

All forms of advertising are affected. Specifically, per the TNS report,

- Magazine ads fell 1.8 percent. (Though, fascinatingly, Spanish language mags are up 7.1 percent.)

- Newspaper ads fell 7.4 percent.

- Radio ads fell 6.5 percent.

- Internet ads rose 8 percent (but that’s a decline in growth from previous rates).

[h/t: New York Post]