COMMERCIAL PRINTING Outlook -- Shadows Cast on 2006

"In an industry as competitive as ours, it doesn't take a recession to cause a problem," Paparozzi says. "Just a slowing from the kind of economic pace we've seen over the last two years becomes an issue for print sales."

The U.S. economy grew by 4.1 percent in 2004 and now is on track to grow somewhere around 3.4 or 3.5 percent in 2005, the economist believes. If GDP growth even just slows to between 2 and 2.5 percent in 2006, printers will feel an impact, he contends.