Blogging Jobs Slowing Down?

Over on the Perfomancing Hive forum, I have been hearing a few people rumble about the decreasing number and per job rate of blogging and web related positions.

Some very talented and experienced people are starting to find it harder and harder to find new contracts that can pay their bills. Other bloggers are noticing a decline in advertising revenue.

Has anyone else experienced this? To me, this goes against my own thoughts that as businesses tighten their belts, they will want to transition to the web, where a larger audience can be found at a less expensive rate. Or is that not the case?

Has there been a slow down in blogging related jobs? Has their been noticeable drops in advertising revenue? Sure, big companies have cut their blogger pay, but does that mean the whole industry is suffering?

Please, if you have any insights on this, let me know in the comments below.