• by Joe Mandese  @mp_joemandese, October 11, 2011

Interpublic media market intelligence unit Magna Global just released an update to its U.S. advertising outlook, and is leaving its growth estimate unchanged at 1.6% for 2011. Magna said the estimate includes the impact of any incremental ad spending related to political campaigns and the Olympics, which actually shouldn’t impact 2011 since they’re primarily a factor in 2012. In terms of 2012, Magna cited “persistent weakness in the U.S. economy” as a reason for downgrading its ad growth projection to 2.9% from 4.8% next year, including the effects of incremental spending from political campaigns and the Olympics.

“A slowdown in real personal consumption expenditures, manufacturing activity, and ongoing problems in the labor and housing markets all contribute to our revised outlook,” Magna stated in the release, adding, “Our estimates are further impacted by continued disinflation.”

Excluding direct marketing spending, Magna indicated the revenue growth of core media categories will expand 2.9% in 2011 and 4.3% in 2012.