COMMERCIAL PRINTING Outlook -- Shadows Cast on 2006

Bottom line for the printing industry: revenue growth slows to around 1 to 2 percent.

* The "ugly" is a recession, as the energy shock and hurricane-related disruptions cause a collapse in consumer and business spending. Economic growth falls to under 1 percent for the year, and is even negative for a quarter or two. Inflation is kept in check by the decline in spending, but unemployment rises to about 6 percent.