Q1 Paper Outlook — The Price Is Right

"September 11 certainly delayed the recovery and it deepened the downturn, but our feeling was that economy was well into a recession before September 11," reveals the NAPL economist. "The numbers were very very weak well before the 11th. This may well be the worst downturn in the industry since the 1981-1982 recession. The numbers are far worse than what we saw during 1990-1991 downturn."