McClatchy Advertising down 22.4% in November

The McClatchy Company reported that consolidated revenues for November 2008 decreased 19.4% off a fall in print advertising of 22.4% compared to the same month last year.

The decline in print advertising was partially offset by a 7.5% gain in online advertising revenues for the month. For the first eleven months of the year, total revenues for the group have declined 15.9% and advertising revenues declined 17.8%.

Worst hit was employment advertising, dropping 58.6%, followed by Real Estate down 45.8% and automotive down 42.6%. National Advertising dropped 33.2% and Retail 17.6%.

McClatchy spun the results as being in line with the recent downward trend in a tough marketplace.

Notably circulation was down 6.7% weekdays and 5.9% Sundays.