The chief executives of Omnicom Group and Publicis Groupe both indicated they feel that while an economic recovery is not imminent, the worst of the recession has past. Omnicom's Q2 profit dropped 24%, compared to the same period in 2008. Paris-based Publicis reported a declining net profit over the first half of this year but didn't break out quarterly figures. Omnicom CEO John Wren said, "We don't see a recovery, but we feel we've hit the troughs." Publicis chief executive Maurice Levy said, "All figures should be less in decline in the third quarter than in the second quarter."