Another grim set of numbers for May—grimmer than a Goldman Sachs analyst's "most bearish dreams"—have left newspaper advertising revenues about 12% below last year's level. If business doesn't pick up, newspapers can expect to bring in about $37bn in 2008, down from $49bn at the height of the boom in 2000. But the data is even more depressing if adjusted for inflation: in 2000 dollars, ad revenues will be down nearly 40% on their level at the start of the decade. [Data via New York Times and Newspaper Association of America; inflation-adjustment and chart by Gawker]

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