Graphic Arts Index
By Staff -- graphic arts online, 7/1/2003
Printing industry production fell sharply in February and March but declined only 0.1% in April, according to the Federal Reserve Board's monthly production estimates. April production was off 2.4% from January's pre-war peak, but still 1.5% above the recession low-point in 2002. Production responds quickly to changes in economic conditions. Last year, output rose 4.2% in six months when the GDP growth rate pushed over 3%. Now, the post-war GDP growth rate is again expected to be above 3% in the second half of 2003. That translates to gains in printing sales of at least 4% by early 2004, followed by smaller but sustained gains as long as the expansion continues.
| Actual Monthly Value | Annual Percent Change | |||||
| 05/02 | 04/03 | 05/03 | 2002 | 2003* | 2004* | |
| Employment (1) | ||||||
| Printing | 713.1 | 695.9 | 697.4 | -7.6 | -1.7 | 1.5 |
| Publishing | 965.4 | 948.1 | 943.5 | -5.0 | -2.4 | 1.8 |
| Average Hourly Earnings (2) | ||||||
| Printing | 14.78 | 15.37 | 15.28 | 3.1 | 2.8 | 1.9 |
| Commercial Lithograph | 16.21 | 16.55 | 16.63 | 2.4 | 1.6 | 2.1 |
| Printing Trades Machinery Prices (3) | ||||||
| Printing Presses, Offset Litho | 162.4 | 162.4 | 162.4 | 0.0 | 0.0 | 0.3 |
| Printing Presses, Other than Litho | 169.5 | 162.4 | 163.8 | 0.6 | -2.8 | 1.1 |
| Binding Machinery & Equipment | 136.2 | 137.1 | 137.1 | 2.3 | 1.3 | 1.5 |
| (1) Thousands of employees; U.S. Department of Labor | ||||||
| (2) Dollars per hour; U.S. Department of Labor | ||||||
| (3) Producer Price Index, 1982=100; U.S. Department of Labor | ||||||
| *=Forecast | ||||||
