• by Joe Mandese , June 29, 2010

Noting that the "bumpy ride" of the global economic recession is "not over yet," WPP Group nonetheless issued an update this morning for its financial results during the first five-months of 2010 indicating that it has gotten a lot less bumpier. In fact, the world's largest advertising company had a bump of about 2% in its worldwide revenues, with a marked improvement coming in its core advertising and media services in the most recent two months, hence the reason for a five-months update.

While advertising and media services had been trailing the overall rate of growth during through the first quarter, WPP said described April and May as a "marked recovery," with a combined growth of nearly 5.0% vs. a first-quarter rate of -0.9% and a year-to-date rate of 1.7%.

"Our global advertising businesses (including "soggy" Western Europe) returned to growth in May, the first time since November 2008," the company said emphasizing that the United Stated continues to show "remarkably strong like-for-like growth," expanding 7% in April and May and 5% year-to-date.

WPP said it remains cautious, citing fears that the economic instability in the Eurozone could spread from Greece, Portugal, Spain and Ireland to other parts of Europe, as well as the U.K. governments new "austerity programs."

"It has been a pretty bumpy ride - and it is not over yet. Nor, in one sense, will it ever be over," WPP predicted. "There is never a time in a competitive market such as ours when our companies can sit back and relax and let the business roll in. To continue to win means continuing to compete - every day, all the time."