Sir Martin Sorrell, chairman of WPP, the global ad conglomerate, said if the global economy has experienced a turnaround, "we have not seen it," CNBC reported.

Sorrell now expects the economy to see a "LUV" recovery: a “little” recovery in Europe, a U-shaped one in the United States, and a V-shaped one in Asia.

Brazil, Poland, Russia and Argentina all generated significant growth and will experience more of a V-shaped recovery, he said.

The advertising sector could be a lagging indictor, he said.

The ad economy should be responding better since governments around the world have invested $12 trillion, said Sorrell.

“We were too optimistic looking at the year," he said.

"I look at some of the comments from politicians and some business leaders about things turning around. We have not seen it.”

July and August were less worse than May and June, but were still “negative figures,” he said. The important months lie ahead as September, October, November and December are the “crucial months, “said Sorrell.

"As we look forward to next year, we will be cycling easier comparatives," he said. "The numbers that we see have to get better. I think it's steady as you go."

The advertising industry will instead see growth in the future from digital media and emerging markets as consumer habits have changed, he said.

In August, some cities saw unemployment decline and less foreclosures, according to The Associated Press' monthly analysis of economic stress in more than 3,100 U.S. counties.

Fewer counties were counted as economically distressed. Some of the figures were boosted by seasonal jobs.