NEW YORK: US newspaper publishers have few reasons to be cheerful as the slump in the nation's economy puts more pressure on an industry already suffering from circulation shrinkage and migrating ad revenues.

The Newspaper Association of America reports  that print ad revenues plunged 9.4% to $42 billion (€26.5m; £21m) in 2007. Online revenues are growing but not enough to offset the print losses. Total adspend fell 7.9%.

And Gordon Borrell, ceo of media research firm Borrell Associates, offers little hope of light at the end of the tunnel: "We have no evidence to show that the bottom has been reached yet."

Data sourced from Wall Street Journal Online; additional content by WARC staff