COMMERCIAL PRINTING OUTLOOK -- Ambiguity is Certain

Paparozzi has a similar, but perhaps more bearish, take on the market outlook. "For 2003, we're projecting growth in the printing industry of somewhere between 4.7 and 5.2 percent, not adjusted for inflation (or between 1.5 and 2.5 percent real growth)," he reports. "We expect the economy to avoid a double-dip recession and continue to gradually strengthen—especially in the second half of the year—as corporate profits slowly strengthen. NAPL's outlook is based on the consensus projection from the Blue Chip Economic Indicators, which forecasts GDP to grow by 3 percent (adjusted for inflation) in 2003."