Though U.S. Internet advertising revenues, at $22.7 billion for 2009, showed a 3.4 percent decline from 2008, there are signs of a recovery in the industry, according to the latest report from the Internet Advertising Bureau and PricewaterhouseCoopers.

The fourth quarter of 2009 hit a record quarterly high of $6.3 billion, a 2.6 percent increase year-over-year and a 14 percent increase over the third quarter of 2009.

Despite the prophecies of some online media moguls, online advertising isn’t looking that bad off. The Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers LLP announced today that Internet advertising revenues have reached nearly $5.9 billion for the third quarter of 2008. That’s up 11% from the previous year.