Let’s be clear: The advertising market has hit a rough patch amid the broader economic downturn. But that hit has not necessarily been a full-on body blow.

“We’re seeing some shifts [in advertisers’ spending] but not necessarily dramatic cuts,” said UM Worldwide’s U.S. chief marketplace officer Stacey Stewart in the latest episode of the Digiday Podcast. To be clear, she added, “Don’t get me wrong when I say there hasn’t been many cuts. They’re still cuts. They just haven’t been as dramatic as I think we all had feared.”

Listen to the podcast on Digiday.