The drop in U.S. ad spending fell at its lowest rate of decline in July since the economic fallout of COVID-19 became apparent post-March, MediaPost reports.

U.S. ad volume dropped 13.9% vs. July 2019, says the U.S. Ad Market Tracker, a collaboration of MediaPost and Standard Media Index.

That’s opposed to a 17% decline in June, a 31% drop in May, a 35% fall in April and an 11% decline in March.

The July data is an indicator that the U.S. ad recession is reaching its lowest point, as many foresaw for the third quarter, says MediaPost.

Additional data indicate that ad spending is proving more resilient in the U.S. than the drop in the overall national economy, says MediaPost. According to an exclusive MediaPost analysis, the U.S. ad industry shrank 14.4% during the first half vs. the U.S. GDP, which declined 19%.