Temp employment isn't the only thing that's been dropping like a stone. According to a press release from the Newspaper Association of America (inappropriately titled "Online Newspaper Advertising Jumps 19 Percent in Second Quarter), second quarter revenues at the newspapers fell by 8.6% from the same period last year.
Leading the decline was classified advertising, which was down by 16.4%, with recruitment classifieds were down by 18.5%.
Unlike the temp employment, which looks like it is a cyclical thing, this is pretty nasty stuff. Online newspaper competitors like Dice and Monster are still reporting strong, albeit slowing, growth (36.3% and 20% growth, respectively).
As the headline of the press release indicates, online remains a somewhat bright spot for the newspapers, but even now online only accounts for seven percent of their advertising revenue.
