If you wanted to see an immediate effect of the recent downturn in the economy then take a look at the latest (UK) edition of Esquire magazine. I subscribe and I got the new issue (Jan 09) through the door today. It's over a third thinner than the previous few months. It numbers just 160 pages.
I checked issues for October and November which I still had hanging around - 235 and 262 pages. That is a HUGE reduction in page count - over a third. And that means a huge reduction in ad revenue, massive.
If you wanted a clear indicator that we're in a recession right now, the number of pages in print media is a clear indicator of the scale of the problem. It doesn't look good.
[Also rather surprising. I couldn't find a website for the UK edition of Esquire magazine. Remarkable]