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Total print and online newspaper advertising revenues plummeted to $8.92 billion in Q3 2008, an 18% drop of nearly $2 billion from Q3 2007, and a 6.9% drop from Q2 2008, according to figures released by the Newspaper Association of America.

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The steep declines affected every type of newspaper advertisingin both print and online categories. Overall, print advertising has reached an historic low, slipping 19.26%, to $8.19 billion in Q3.

The largest percentage drop in any one print category was in classified advertising, which dove 30.85% to $2.36 billion.

National advertising experienced an 18.42% decline, to 1.36 billion, and retail – which accounts for nearly 50% of the ad-revenue pie, fell 11.72% to $4.47 billion.

Online advertising, which many industry-watchers hope will fuel future newspaper growth, experienced a more modest decline, but still fell 3% to $749 million. Q3 was the second consecutive quarter in which online ad revenues fell. In Q2 2008, online ad sales slipped 2.4%.

Total newspaper revenues have fallen every quarter since Q3 2006.

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