Signs of optimism for online advertising but SE goes into decline

It seems that the advertising slump has caught up with the search engine phenonoma according to this report in the FT this morning

Cuts in spending on search-engine advertising are accelerating even as the rate of decline in overall marketing outlay slows, according to a report by the Institute of Practitioners in Advertising

says the report adding that at least up to now

Search advertising has hitherto held up better than any other part of the marketing mix.

But it seems no longer as

marketing professionals are cutting search spending by about 5 per cent, the IPA says, making this the only category to see an increased rate of decline.