There are dozens of threads at the Google AdSense Help forum and a thread at WebmasterWorld with complaints from publishers that their July 2009 earnings are way down, relative to past months.
There are of course a few publishers who are noting that their earnings are actually up. But like most threads, people only come to complain and those that complain, are those that have seen their earnings drop.
So I ask you, the publisher, are your earnings up or down in July 2009? Please take our anonymous poll:
Forum discussion at WebmasterWorld.

Comments:
Michael Martinez
07/14/2009 05:14 pm
I wish they would bring back AdSense for Video. I was making good money there.
Stuart Livesey
07/14/2009 08:56 pm
Our Adsense ads appear on sites that are focused on topics that have been hit hard by the GFC - tourism, motoring and hobbies - yet this month our earnings are up by around a third.
Jason
07/15/2009 09:29 am
Probably the consequences of the crackdown on Spammers in the adwords system.
Michelle
07/22/2009 06:32 pm
My earnings have about doubled this month compared to last. ... However, my site is fairly low traffic. Only about 2,000 impressions per month.
Tinh
07/23/2009 04:50 am
Mine is seriously down this July and I think I was affected by smart pricing, hope it will be better after a week
Rob Abdul
07/23/2009 06:35 am
@Michael, me too, I was doing good on the video ads also. @Michelle, your site is showing a 50% drop in traffic. This could be seasonal. My traffic is down too since I target students; that being said I've made four times as much in July than in June with less impressions.
Leila
07/28/2009 12:09 am
Earnings are way up in July compared to June
No Name
08/03/2009 02:10 pm
earnings depends on the visitors they get