COMMERCIAL PRINTING OUTLOOK -- Ambiguity is Certain

However, the economist cautions that a "double-dip" recession could materialize if the long anticipated stock market rebound does not take place and consumer and business confidence falls.

For 2003, Davis is projecting print markets to also grow at close to the industry's longer term rate of around 3 percent. "This will mean that printing shipments over the year should reach approximately $165 billion," he adds. The economist again cautions that any market outlook represents just a snapshot in time and is subject to any changes in conditions.