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Data Analysis

Welcome to the WhatTheyThink data analysis section. As a service to the printing and publishing industries, WhatTheyThink provides access to economic, trend and other data that is valuable to industry executives for strategic planning and other purposes. This is also an excellent way for industry executives to stay current with the latest trends. This includes proprietary data developed by our own Dr. Joe Webb, Director of the WhatTheyThink economics and research center, as well as data from a variety of partner sources.

 

 

Commercial Printing Shipments in Uptrend: 15 Consecutive Months of Growth, Best Growth Rate Since 1996

Commercial Printing Shipments in Uptrend: 15 Consecutive Months of Growth, Best Growth Rate Since 1996

Published: October 14, 2015

US commercial printing industry shipments are up for 15 consecutive months compared to the same month of the prior year.

 

Changes in Commercial Printing Employment by State

Changes in Commercial Printing Employment by State

Published: October 8, 2015

The chart shows the changes in the average number of employees per establishment in the US and large printing states. The average size of printing businesses in an area offers clues to the kinds of printing produced there and the history of the industry in that area.

 

Debt as a Percentage of GDP

Debt as a Percentage of GDP

Published: October 2, 2015

Many people confuse debt and deficit when they see it as part of the Federal government's annual budget. Deficit is the annual shortfall between a government's spending and its revenues. Debt is the accumulation of all of the deficits and surpluses of the prior years in that government's history.

 

Updated Printing Industry Capacity Utilization Data – Not What Everyone Thinks It Is

Updated Printing Industry Capacity Utilization Data – Not What Everyone Thinks It Is

Published: October 1, 2015

Even in the industry's most profitable and growing years, the mantra “there's too much capacity in the industry” was always heard. It's been a misplaced and inaccurate portrayal of the business, yet it persists.

 

Canada's Commercial Printing Shipments

Canada's Commercial Printing Shipments

Published: September 17, 2015

Canada's commercial printing industry had a small rebound more than three years ago, before that of the US, and has been on a somewhat steady course since. In US dollars, however, Canada's gains market have been erased recently with the stronger dollar.

 

Profits Per Employee Increase

Profits Per Employee Increase

Published: September 10, 2015

The nearly $15,000 profit per employee of 2000 may not be in the cards for the US commercial printing business any time soon, but it looks like this measure is headed to its second best performance since the end of the recession. Using the latest data for the second quarter of 2015, and adding the previous three quarters to create a full year, profits per employee seem to be headed to $7,700, a thousand dollars more than the level of 2014.

 

Improvement in Industry Shipments, Profits Improvement Elusive

Improvement in Industry Shipments, Profits Improvement Elusive

Published: September 9, 2015

The 4-quarter moving total of inflation-adjusted US commercial printing shipments have been increasing, but unfortunately profits have not. Q2-2015 four-quarter shipments are up +2.3%, but profits are unfortunately down for the last four quarters -10.8%.

 

Latest Printing Shipments Reflect Rebound

Latest Printing Shipments Reflect Rebound

Published: September 3, 2015

July's inflation-adjusted US commercial printing shipments continued to outshine prior year shipment levels. This was the best July since 2008 on a current dollar basis and since 2010 on an inflation-adjusted basis. On average, monthly industry shipments have been about $200 million higher than the year before. They are also tracking closer to GDP growth rates, a feat the industry has not done for almost two decades.

 

Recovery Indicators Mixed with Slight Downward Bias; Sluggish Economy Remains

Recovery Indicators Mixed with Slight Downward Bias; Sluggish Economy Remains

Published: September 2, 2015

Four of the six recovery indicators fell last month, but the non-manufacturing new orders indicator remained very strong. World markets had a rocky month, and the NASDAQ fell -7% since the last indicators.

 

US Commercial Printing Shipments Up for 14 Consecutive Months

US Commercial Printing Shipments Up for 14 Consecutive Months

Published: September 2, 2015

US commercial printing shipments were nearly $7.04 billion in July, a $392 million increase (+4.9%) on a current dollar basis compared to 2014. This was the strongest July since 2008.

 

Q2 GDP Revised Up, Bigger Rebound from Q1... But What's Ahead?

Q2 GDP Revised Up, Bigger Rebound from Q1... But What's Ahead?

Published: August 27, 2015

The first report of Q2-2015 real GDP was +2.3%, and now it's been raised to +3.7%, well ahead of forecaster expectations. On a longer-term year-to-year basis, the growth rate is +2.5%, still almost a full percentage point below post-WW2 average.

Longer term rate +2.5%. The effects of inventory increases is still a major factor in the growth, but there were other positives in the report implying that Q2 was broadly better than originally thought. There are concerns among professional forecasters that the inventory buildup will result in slower growth as those stockpiles are reduced. Considering that two thirds of the third quarter is almost complete, we know that international trade is being disrupted by currency and solvency issues in China and other countries. The Federal Reserve Bank of Atlanta GDPNow estimates that third quarter GDP will be at +1.4%. Please also note a recent chart where we showed important key indicators that have yet to surpass their recession levels from Q4-2007.

 

Per Capita Commercial Printing Shipments Stabilize; Forecast Models Project Levels to Continue

Per Capita Commercial Printing Shipments Stabilize; Forecast Models Project Levels to Continue

Published: August 20, 2015

The per capita value of US commercial printing shipments has stabilized at nearly $270, and the recent change in the direction of shipments in the last year or so has changed the forecasts. Forecast models place heavy weight on recent history, and that fact has changed the forecast for 2020 to remain at current levels. It was not long ago that the models forecast 2020 consumption at near zero, an unlikely outcome, but one worth pondering. Will shipments stay at these levels? That's unlikely, too, as media formats and loyalties are still changing.

 

Key Indicators that Have Not Improved Since the Recession and Recovery

Key Indicators that Have Not Improved Since the Recession and Recovery

Published: August 14, 2015

There are numerous data series that explain that the economy has never recovered from the recession. These are not obscure data series, but mainstream ones. Gross Domestic Product should be the standard for determining the status of an economy (thick blue line). Movements in GDP should be confirmed by other measures. This week's chart uses the start of the recession, December 2007, as the base, which is 100.

 

US Commercial Printing Shipments +3.5% for First Half of 2015, Exceeding Real GDP Growth

US Commercial Printing Shipments +3.5% for First Half of 2015, Exceeding Real GDP Growth

Published: August 6, 2015

US commercial printing shipments are up about +3.5% for January to June compared to the same period in 2014. The industry has been restructuring, as employment continues to decline. Usually employment and shipment levels move together in a tight range if not almost in lockstep.

 

Inflation Multipliers Updated

Inflation Multipliers Updated

Published: July 30, 2015

Inflation is supposedly tame, but if you're making comparisons of current year financial data to prior years, you still need to adjust for the years when inflation was not. The chart was created from Consumer Price Index data for each of the years specified. When looking at your company history, multiply your data for each year by the multiplier specified. This will give you an approximation for the effects of inflation on your business, and make your historical analysis, especially in the process of budgeting, to be more realistic. Adjusting your data, even in periods of claimed low inflation, creates a sense of more urgent action. Inflation means that to stay at the same level you actually need more dollars. Staying the same is actually a cut.

 

Year-to-Year Real Retail Sales Peaked in January, and Are Weaker Since

Year-to-Year Real Retail Sales Peaked in January, and Are Weaker Since

Published: July 23, 2015

June retail sales adjusted for inflation fell -0.6% compared to May. Month-to-month changes are somewhat volatile, so it's better to look at the comparisons to the prior year. The chart shows that June retail sales were +1.2% compared to last year, the worst comparison since March 2014. There are signs that the economy is slowing again. In the first quarter, real retail sales were +2.6% compared to the prior year, but this second quarter is only +1.6%. The economy always has conflicting positive and negative data, but this downturn in a key sector of the economy is likely to raise some eyebrows among economists and policymakers.

 

Is Small Business Slowing Down Again?

Is Small Business Slowing Down Again?

Published: July 22, 2015

The NFIB Small Business Index was released this week, “The weakness was substantial across the board, showing no signs of a growth spurt in the near future,” according to Bill Dunkelberg, NFIB Chief Economist. “Declines in spending plans accounted for 30 percent of the Index decline, and weaker expectations for real sales and business conditions another 20 percent. The deterioration in earnings trends accounted for about a quarter of the decline.”

 

Inflation-adjusted US Commercial Printing Shipments Better than 2014

Inflation-adjusted US Commercial Printing Shipments Better than 2014

Published: July 10, 2015

Commercial printing shipments have been much higher than they are in today's market, but the bounce off the lows of 2014 this year have been notable. The comparisons toward the end of 2015 will be harder to top since the industry started to show this bounceback at the end of 2014. The transformation of commercial printing businesses has been an arduous one, with volume declines of many mainstream products, but a rise in specialty applications. Those new applications are often based in digital printing, such as wide format specialties. There's also a new generation of print business managers who are not burdened by the myopia of history, where print was paramount. These executives and owners have grown up with computers and gadgets and have a better sense of print's new role in media communications

 

Interest Rates Have Rising Since the End of 2011

Interest Rates Have Rising Since the End of 2011

Published: June 25, 2015

We all know how the markets seem to panic when the Fed hints that rates will be rising soon, but they already have. That is, the markets have been pushing up the inflation-adjusted 10-year US Treasury since September 2011 by 420 basis points (4.2 percentage points). The rate is now the highest since June 2010, at 2.33%. This measure can be volatile because of the inflation adjustment. We used the year-to-year inflation rate as measured by the Consumer Price Index for that reason. There are Fed governors who believe that they have great latitude to be patient with a rise in inflation since their target of +2% annual inflation has not been met. This means that they believe they have a cushion of “banked” uncreated inflation that they can use up before they move aggressively. Whatever the case, a 25 basis point rise in short term rates is not much, as they might actually be catching up to the marketplace that has already moved and the Fed is already lagging well behind it. They miss an important point. The CPI does not measure inflation in a practical way. If wages are stagnant (though a little better lately), a “mild” 2% rise can be a burden. Median household income is still 4% lower than its peak just after the recession started. A 2% rise in inflation plus the 4% lower income is a 6% difference. That's something that's rarely mentioned in the business press.

 

Ad Agency Revenues Still on the Rise, Up 40% Since Start of Recovery

Ad Agency Revenues Still on the Rise, Up 40% Since Start of Recovery

Published: June 18, 2015

Since the start of the recovery all the way back in mid-2009, advertising agency revenues have increased by +$32 billion, +40% since that time. There are many economic indicators that have never recovered (such as full time jobs) but ad agency revenues have blown through the pre-recession high of $91 billion and is now running at the rate of $112 billion annually. The agencies have had this performance because they are immersed in the media upheaval, riding and stoking the changes in communications formats on behalf of their clients. Wages have followed this shift in media, and has been documented by us before. The average public relations pay is about $10,000 more than the averaged of all agency wages. Book publishing industry revenues have stabilized, and trends of newspaper and periodical publishing revenues are still down, but at a lesser rate.

 

Latest Employment Data in Printing and Content Creation Markets

Latest Employment Data in Printing and Content Creation Markets

Published: June 11, 2015

In spite of recent strength in US commercial printing industry shipments, employment is still on a downward path. The industry seems to becoming more efficient, somewhat from better management, and somewhat from consolidation as weak establishments are aborbed or exit the market. Compared to April, however, the Bureau of Labor statistics estimates that employment increased by about 600, which is common compared for May in recent years. The April public relations employment was very strong compared to the prior year and is up +8.8%. When PR employment is excluded from ad agency employment, the number of employees in agencies is still up +2.1%. The employment data have always reflected the changes in the media market as well as the strength in the economy. Though the economy is slow, advertising agencies have reinvented themselves and are very active in social media and digital media production.

 

10 of 11 Months of Increased Inflation-Adjusted US Commercial Printing Shipments

10 of 11 Months of Increased Inflation-Adjusted US Commercial Printing Shipments

Published: June 4, 2015

This chart shows how the US commercial printing shipments have been better compared to the prior year for the last 11 months of reporting by the Commerce Department. What's it mean? We're still averaging $400 million per month less than a similar period in 2010-2011, and we're well below the levels of ten years ago by about -$2.8 billion per month. The recent stability may be the result of several factors. First, weak companies are gone as a result of closures and consoPrinting Shipments Rising, Best April Since 2010lidations, leaving companies that know what modern print users need. Second, there has been a generational change in management to owners and executives who are more comfortable with digital technology because they have always used it, growing up with cell phones, video games, and computers everywhere. Third, the big targets for displacement by digital media have been pulverized, and what remains are specialties and applications more appropriate to a multichannel integrated media marketplace. Fourth, there a more companies using business development techniques (tell us about your target audience and how we can make your digital initiatives more effective) rather than old sales techniques (would you like to see my equipment list?). Then again, it could be the calm before another storm. New data networks are on their way, such as 5G, where two hour movies can be downloaded in six seconds rather than six minutes. Print has a good story to tell, but please, don't make it an old story. Print needs to be fresh and new. The market may be stable now, so use this time well to get ready for the market ahead.

 

Microbusinesses Increasing as a Percentage of the Workforce

Microbusinesses Increasing as a Percentage of the Workforce

Published: May 28, 2015

The Commerce Department released its “Nonemployer Statistics” data for 2013, showing that these businesses increased to 23 million since 2012, and by 30%, three times the rate of population growth, since 2002. Let's call them “microbusinesses.” They are now more than one in seven of the workforce.

 

Revised Annual US Commercial Printing Shipments Show Stability in Recent Years

Revised Annual US Commercial Printing Shipments Show Stability in Recent Years

Published: May 21, 2015

Last week, the US Department of Commerce released its annual revisions to manufacturing shipments. Printing shipments estimates were increased a total of approximately $10 billion combined for 2013 and 2014. The data softened the decline in 2013 shipments by a considerable margin and also reaffirmed the recent rise in printing shipments over the last ten months. While shipments in 2014 were still below 2013 on an inflation-adjusted basis, the pattern of the last few years shows a decline in shipments that is more muted than the Commerce Department originally reported. Our advice is the same: this is breathing room that can be used for restructuring of print businesses with forward-looking strategies that can take advantage of the next waves of communications technologies, while implementing sales and marketing processes that are appropriate for the times ahead.

 

NAICS 323 US Commercial Printing Establishments

NAICS 323 US Commercial Printing Establishments

Published: May 14, 2015

These data about US commercial printing establishments are from the newly released 2013 County Business Patterns published by the Bureau of Labor Statistics. At the turn of this century, there were nearly 38,000 establishments engaged in commercial printing and services; in 2013 there were nearly 27,000. These data do not include inplant printing departments or packaging, but do include label printers and trade services. An establishment is a separate location in a practical definition, and a firm can own more than one establishment. The number of establishments is in response to the size, scope, and nature of overall print demand, but there are other factors.

 

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