• by Joe Mandese  @mp_joemandese, October 29, 2010

Two of Madison Avenue's biggest agency holding companies, WPP and Interpublic, this morning reported relatively strong third quarter financial results, indicating that the advertising and media economies, at least for the near term, appear to be improving.

WPP's revenues grew 12.2% over the third quarter of 2009, while Interpublic's rose 9.4%.

Both companies indicated that the long-term macro economy remains uncertain, but said the near-term results are due to a combination of both internal and external improvements.

"This continuing overall improvement is most welcome, particularly after the brutality of a post-Lehman 2009," WPP stated in its earnings release. "Calendar 2010 looks set fair with a good fourth quarter in prospect, particularly as most of our clients budget on a calendar year basis. Forecasts of global GNP growth by the World Bank and others for 2011 seem to be at similar levels as in 2010, at around 4% or more. However, companies, our clients, have continuing concerns about Eurozone contagion and American consumer demand, deficit reduction, increased taxation, currency wars and protectionism at election time."