The figure compares with $53.8bn for the same period last year, and beats estimates made earlier in the year that ad revenue would be off by 0.4%.
The research, provided by advertising data firm CMR, also shows that the advertising industry is set for growth in the second half of the year, giving a much needed boost following recent disappointing figures.
David Peeler, president and CEO of CMR, said: "The health of the market is steadily coming back to life. Compared with the dramatic plummets in spending throughout the course of 2001, to be down by less than 1% in expenditures is a positive step in the right direction for ad recovery."
The figures showed that business-to-business magazine advertising was among the hardest hit sectors, down by 20.8% compared with the same period last year.
The bright spots in US media spend were Spanish-language network television, up by 26.7%; radio, up by 7.5%; and local newspapers, which saw a 7.5% gain.
Separately, analysts at Standard & Poor's said that it expects full-year adspend to increase 2.7% in 2002, boosted by newspaper ads, and sees growth of 5.1% for 2003.
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