PARAMUS, N.J., OCTOBER 27, 2005 - NAPL's Printing Business Index (PBI), the graphic communications industry trade association's broadest measure of print activity, reached a near record 61.5 in September 2005. This marks the fourth consecutive increase for the PBI and the 27th month that the index has been above the critical 50.0 mark-the point at which more printers report activity is picking up than report activity is slowing down. For the same period, however, readings on confidence and expectations were at their lowest levels since the recovery in our industry began in the second half of 2003. "As we saw in mid-2003, this portion of the NAPL PBI is quite sensitive and may be providing an early signal that the gains we are witnessing are not sustainable," said Andrew Paparozzi, NAPL vice president and chief economist, noting that "this may also portend that the economy is in for a rough period in 2006." The PBI combines input from NAPL's Printing Business Panel about work-on-hand, current business conditions, expected business conditions (confidence), hiring plans, profitability, and other key indicators into a single measure of activity. The NAPL Printing Business Panel is a representative group of more than 300 printers that the Association surveys monthly on a range of key printing issues. Since the same companies are surveyed every time, data are strictly comparable from period to period. The economic analysis comes from NAPL's Printing Economic Research Center (PERC) which produces research and publications sponsored by Heidelberg, Kennesaw, Ga.