The macroeconomic environment caught up to IPG as the holding company delivered underwhelming financial results in Q2.

Organic net revenue was down 1.7% year-over-year in Q2, with a 2.5% decline in the U.S., the company’s largest market. The “All Other Markets” segment, however, which includes Canada, had organic net revenue growth of 1.6%. There was also growth in the U.K. and Latin America, but a decline in Asia Pacific and the rest of Europe.

Philippe Krakowsky, CEO of IPG, attributed the decline to economic uncertainty impacting some of its specialty and traditional agencies, with tech clients in particular continuing “to weigh significantly on growth.”

However, Krakowsky noted that there was “solid” growth in media and healthcare, which have traditionally been major drivers of IPG’s success, as well as in PR and experiential. The company’s specialist division – which includes PR, experiential, entertainment and health – had 3.7% organic growth in the quarter.

The company’s larger divisions did not fare as well. The Media, Data & Engagement division – which includes Mediabrands, data platform Acxiom, MRM, R/GA and Huge – had organic revenue fall 1.5% year-over-year. The Creative division had organic growth fall by 3.8%.

The company has lowered its full-year organic growth forecast to between 1% to 2%. However, the company remained committed to a 16.7% margin, as the company noted it has been able to maintain its margin discipline so far this year.