The Uneven Rebound

Four bars show average agency revenue growth for 2022 through 2025. The first two are tall at 12% and 10%, the third drops sharply to 5% and is colored red for the bad year, and the last one rises again to 7.5% but stays clearly below the earlier bars. The rebound is real, but it lands under the old normal. A recovery that never reaches the level you had before is only a recovery on paper.