Marketers are slashing budgets even more than they had predicted six months ago, with 93 percent of marketers responding to a survey by the Association of National Advertisers saying they are making budget cuts, compared to 87 percent in July and August 2008, eMarketer reported Monday.

In August 2008, 21 percent of marketers said they would cut budgets by more than 20 percent. Now, that number has risen to 37 percent.

"With so many marketers chopping their budgets, traditional media--such as print and TV--will see additional dollars flow online," said Carol Kraul, eMarketer senior analyst.

According to the survey, conducted in January and February, 77 percent of marketers said they will decrease ad campaign media budgets, while 72 percent will cut ad campaign production budgets, eMarketer reported.

According to an analysis of data from the Bureau of Labor Statistics, in December the U.S. ad and media sector slashed 18,700 jobs, eMarketer reported.