Recession? Yes - no - err, good

ADVERTISING and marketing are often used as key indicators of how the economy is doing. Both make for Marmite topics of debate for business people - you either think they are an essential part of business, or a luxury that detracts from the real job of making and selling.

Regardless of what side of the fence they sit on, most companies will rein in the marketing in times of economic uncertainty. So when Sir Martin Sorrell, chief executive of WPP, the world's largest advertising group, reports a slowdown in revenue and says recession will bite proper in 2009, people are going to listen.

But there are still plenty of observers out there, like this columnist on The Scotsman, says we still only have the housing market as proof that there are difficulties, and only the drop-off in mortgage approvals as evidence there.

Meanwhile, The Times has decided to have a bit of fun with one of those 'you know when...' columns, pointing out that there are good times to be had in a recession, too. Judge for yourself.