With agency holdco revenues in for the five largest globally diversified companies, we calculate organic growth for the 1Q17 around the world of around +1.7% For the US / North America (including the US where the number is broken out or North America where it is not), the comparable figure is closer to -0.3%. The exclusion and non-disclosure of pass-through revenues -- in particular at Omnicom -- distorts this analysis. However, underlying trends causing a deceleration from levels above +4% in 2014 and 2015 are likely having an impact on the industry at this point in time.
IPG, OMC, PUB, WPP: Agency Growth Report -- Pivotal Research
![IPG, OMC, PUB, WPP: Agency Growth Report -- Pivotal Research](/media/articles/Wall_Street_analysts-iStock_000018600766Small_lspZgJi.jpg.550x380_q85_box-11%2C0%2C829%2C569_crop.jpg.webp)