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.
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