But if you mean that there's one click and zero impressions in your report... well your theory is as good as any. :)
We've just set up a new campaign, so far Google report 7 clicks, but we have had no impressions, according to our tracking tool we have had 84 clicks. Somewhere in amongst all of this lies the real answers.
It seems to be that when the US is up and running properly that things go a bit slower, our campaigns were fine today until about 4pm UK time (8AM on West Coast) and it's been gradually slower since then.
So far the ads are not showing at all after 24 hours when you perform test searches on Google. The campaign is not functioning at all! No impressions and no clicks! Normally our campaigns is up and running in no time, but not anymore. Have any of you the same problems?
Although I have had reports before that cover more than one day - the click happened in a different day from the impression - must have passed midnight - and left me with two clicks for one impression in one day (200%). That's my best clickthrouh yet!
Depending on the sector that you are in Google do have certain categories where they do a relevancy/acceptability test in advance of the ads going live.
These do tend to be more in the adult/lifestyle categories but there will be others.
If you send Google an e-mail through the contact us they should be able to clarify this point for you.