Disclaimer: If you are looking for some positive magazine industry news, stop reading now.

Ad pages for b-to-b magazines fell 28.6 percent in February, according to the latest report from American Business Media’s Business Information Network.

Through the first two months of the year, ad pages are down nearly 29 percent. All 21 advertising categories tracked by BIN experienced declines during the period.

“It is clear that our industry is facing the toughest period since the Depression,” ABM president Gordon Hughes said in a statement.

Consumer magazines have not fared much better in 2009. Ad pages in consumer titles plunged [0] 25.9 percent while ad revenue fell 20.2 percent in the first quarter, according to figures released last week by the Publishers Information Bureau.

“It is not a time for any of us to shirk the responsibility we owe our end users,” Hughes added. “What our industry does, and has always done, is provide information that makes business better and stronger. We will come through this period as a stronger industry, a more creative industry, and maybe even a more dedicated industry."