Put another way, recessions are never even - either within an economy or a given sector. So there are those in Liverpool's creative industries sector who are doing just fine, thank you very much, whilst others are hurting. And for Liverpool read London, Birmingham or Manchester.
So whilst there are green shoots everywhere, you can be sure some agencies will benefit more readily than others. How so?
First up is the obvious flight to quality among clients during tough times. I've been client-side and believe me, you don't want your agency going pop on your as you're fighting for your own life. So you look carefully at who you're working with and if they come up wanting then chances are you'll go looking for someone stronger. No-one ever got shot for choosing IBM, and all that.
Secondly, the ravages of a recession denude even the best businesses of resources to fight back, so those who are in a weak position to start with will find it harder to muster what's needed to win pitches.
Darwinian logic at its most brutal and most effective, of course, but the positive outcome will be stronger agencies better able to scrap on in to the long-term. That fighting instinct - or ability to compete - will stand them in good stead and help Merseyside continue to claw its way back to the position it enjoyed in the 60s and 70s as a major centre for creativity. Amen to that.

Dougal Paver is managing director of Paver Smith in Liverpool