Interpublic unit MagnaGlobal has issued a less-optimistic forecast for advertising spending in 2012, despite anticipated outlays for the Olympics and the U.S. presidential election. MagnaGlobal reduced its growth prediction of 4.8% to 2.9%, noting that the economic recovery is progressing, albeit slowly. The company is standing pat with its forecast of 1.6% growth for 2011.

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