WPP's results are closely watched as they say so much about the relative performance of various marketing services including public relations. They also give a global view. There's a straw to cling on to, but worse is expected from 2009:
Public relations and public affairs was the fastest growing communications services sector on a like-for-like basis. New technologies and new media have, once again, demonstrated the power of editorial publicity through fast-growing new applications such as MySpace, YouTube, Facebook, Flickr and Wikipedia… In addition, public relations and public affairs have benefitted [sic] from the impact of polling techniques, which have provided a more scientific basis for the industry.
PR Studies 
Richard,
Social media is starting to seem like an over-hyped media especially for small business that are local in nature. Yes, if done correctly it can be bring in business but the amount of time spent developing it makes the return on investment questionable. I’d like to hear your opinion. My Indoor Advertising business caters to small business owners that are localized in nature. What do you think?