Even the usual industry dynamics are dynamic. The latest commercial printing industry birth-death data comparing 2012 to 2011 show a rising birth rate and a declining death rate. The +1608 births and -2262 deaths in 2012 were recent lows, as was the net change of only -654 establishments.
The recovery indicators had a better month than last. Five of the six indicators increased and one fell below the level of the start of the recession. New orders for manufacturing and non-manufacturing were impressive in their increases, in stark contrast to government reports about September's durable goods and factory orders.
The economic pundits were out in full force about the unemployment rate falling to 5%. Was it meaningful? Is this the sign of a bullish economic rebound? Then there's the 16 month rise in printing shipments. You'd think there'd be cheers from the audience that Dr. Doom is dead, and long live Dr. Boom! Instead, we hear nighttime crickets. What's behind the rise in shipments, is it real and will it last?
A recent academic paper published in the Journal of Economic Perspectives (Volume 29, Number 4, Fall 2015), “Household Surveys in Crisis,” illustrates the problems of government surveys that are used to make multibillion dollar and multiyear decisions of government and business.
Dr Joe on Fed Has Hurt Business Investment, an "Open Textbook" initiative launching at the University of Minnesota, and a free economics textbook from Mises Institute called “Economics for Real People” by Gene Callahan.
The advance estimate of third quarter 2015 real GDP is +1.5%. We much prefer the year-to-year comparison, and also without the fluctuations of inventories. Those figures, also indicated in the chart, are +2.03% and +2.18% respectively. Net inventories have been running very high, but in the third quarter were $56.8 billion. This figure was cut in half from Q2, and is close to the 2010 to 2014 average.
There's a new poster that hopes to attract students to the printing workplace. Dr. Joe wonders if it can. He's got some ideas. Is getting involved in events a real business opportunity? There are so many touchpoints in the event process that there are numerous opportunities to help your clients and build your business
There's no COLA for Social Security recipients this year, and that has nothing to do with the popular drink. The campaign trail leads to all kinds of abuse of economic data, so Dr. Joe adds a different perspective to things. Income isn't always income, because it's spending that really matters. Dr. Joe explains why. The winner of the Nobel Prize in economics explains the contentious political environment.
The Pew Internet Survey has released their latest survey (free download) of social media use and the long term trends are striking. The organization started tracking use in 2005 when social media use was by just 7% of the US population. Now, 65% of adults use social networking sites. Our chart shows the increases by age group.
Ninety percent of those between 18 and 29 use social media, which is not a surprise. Those social media users who are 65+ has more than tripled from 11% in 2010 to 35% in 2015. The report includes data about social media use by various demographics including income, race, gender, community, and education.
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.
The PIA Financial Ratios have been published for decades, and may be the most recognized of the association's publications. There are, of course, problems with all kinds of research gathering efforts, but the positives of the Ratios reports outweigh the negatives from a methodological standpoint.
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.
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.
Dr. Joe wonders why there isn't a little spring to the industry's step with 14 months of better sales levels. It could just be that printers a feeling a sense of relief as they wonder what's next. And then there's the economy. Second quarter GDP look great, but was really less filling. He scratches the economic surface and finds some skepticism inside. If he didn't, he wouldn't be Dr. Joe.
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.
Dr. Joe summarizes what he would say at Graph Expo 15 breakfast. Content creation is proving to be a big money maker for the ad agency business. Publishers are still having monetization problems which makes that whole “content is king” still questionable. Maybe it's because the real king is the marketplace of millions of content consumers.
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.
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%.
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.
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.
Recent reports that caught Dr. Joe's Attention: GE's Employment Review System Has Left to Pursue Other Interests; Our Toolbox is Empty: Maybe Hitting it With a Rock Will Work; There's Nothing to See Here in Venezuela... Please Move On..; Quantitative Zero Results
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.
There are many resources to use that support the contention that direct mail is a highly effective medium. Some of the research indicates that personal mail makes people feel more valuable. As odd as that may seem, that's been the approach of many mail proponents.
The News Corp CEO says that social media companies are responsible for the 'unnatural act' of redistributing content. The company that overpaid for MySpace, failed in social media, repeats the fears of copiers and VCRs from decades ago. We found out that Amazon is a great company and a horrible employer in a story perfect for cross media. Central banks play the devaluation game and say that they were manipulated into doing it. Sure, blame Kazakhstan. How can making something float cause it to sink? Dr. Joe explains it all.
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.
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.
Increasing printing shipments could give him a new name of “Dr. Boom” rather than his old doomish monicker. Employment is up in advertising and public relations, yet again. Dr. Joe swirls in some comments about the overall economy and explains his role in a new management program to be unveiled at Graph Expo.
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.
The Bureau of Economic Analysis released the report of 2015's second quarter GDP. At +2.3%, it was below expectations of financial forecasters who were looking for +2.6%. This advance report of GDP was in line with the GDPNow estimate of the Atlanta Federal Reserve which was at +2.4%.
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.
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.
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.”
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
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.
The Fed's downward revisions to their GDP forecasts brings their estimates in line with an economy running in the general range of +2.25%. But sometimes we need a forecast in a hurry, and that needs credibility beyond that of yours truly.
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.
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.
I've used the Magazine Publishers Association Factbook for almost 30 years. Now it's the Magazine Media Factbook. It is packed with sunny data about magazine readership that are almost all positive about magazines. It's worth getting, and is a free download.
Data for the end of 2012 and the beginning of 2013 were revised to a slight rise in shipments when the original data showed a steady and significant decline. That period of mild increase was followed by a period of decline that was smaller in magnitude than originally reported.
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.
Every May, the US Department of Commerce issues “benchmark” revisions to the manufacturing shipments data it reports. Every month, the shipments report is used by economists and analysts at Government agencies, such as the Treasury Department, but also by banks, businesses, and others, to identify strong and weak areas of the economy, and to forecast future economic conditions. The reports are based on a combination of actual and estimated data from economic models.
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.
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.
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.
The last ten months of US commercial printing shipments have increased +3% compared to the same months of the prior years. For the first calendar quarter, shipments are up +3.5% compared to the same quarter of 2014. There has not been this kind of growth for about ten years. Please note, however, that the Commerce Department is revising at least three years of historical data next week; it's not possible to determine how the data will change. Assuming the pattern of these data remain the same, it's not a long term bottoming of the shipment level that will turn upward again. The march of digital technologies that offer alternatives to print will continue (read what 5G networks will bring in 2020, for example). It's more likely a pause that should be used to reposition well-running print businesses for the future, consider investing in capabilities and businesses that will take advantage of the new communications innovations ahead, and develop alliances with others whose talents will be needed to do so. This might be 2005-2007 playing out again for us. If your business is growing, don't rest on your laurels. Appreciate the flexibility your business has to prepare for the future and use the time wisely. Never hunker down and wait for things to play out.
Based on the computer technologies of the time, an iPhone in 1991 would have cost $3.5 million. The memory alone is a cost marvel. In 1991, 1GB of flash memory was $45,000. Today, it's 55 cents. An iPhone with 32GB has more than $1.4 million of 1991 memory in it.
The GDP estimate of Q1-2015 growth was at +0.2% when consensus was +1.0%. The estimate will be revised at the end of each of the next two months. That consensus estimate of professional economists has been revised down regularly since the beginning of the year, with many of the original estimates at +3% or higher.
The 2013 County Business Patterns report was just released by the Bureau of Labor Statistics, one of the most valuable of all government economic reports. The data are based on Social Security tax filings made by employers. In this manner, the BLS can count the number of business establishments and the number of employees of those establishments with great accuracy from analysis from the mandatory filings of Form 941, submitted with company payroll taxes. As the data show, content creation businesses have much higher per employee annual salaries. This makes these industries very attractive to new employees, especially those starting their careers. The most interesting to me is the rise in public relations agencies. In the late 1980s, the payroll for ad agency workers was about one-third more than public relations. In 2005, they were about the same. In these 2013 data, PR employees are paid about one-eighth more.
The Bureau of Labor Statistics publishes many indexes of inflation, the best known of which is the Consumer Price Index. The BLS also publishes hundreds of other indexes in the Producer Price Index (PPI) series that track price changes in industries, products, and commodities. This week's chart shows the year-to-year change in CPI (orange line) and the PPI for printing (blue line) on a monthly basis for a little more than ten years. For most of that period, printing prices have lagged consumer prices, often by wide margins. Since December 2004, printing prices are up +14% while consumer prices are up +27%. That is, printing prices are increasing at about half the rate of consumer prices. Or, looked at differently, printing prices are about -10% less than the change in consumer prices: print is getting cheaper every day. But print owners and their workers cannot spend printing dollars when they go to the supermarket; they have to make up for the 10% shortfall in prices somehow. This is difficult since many of the prices printers need to pay for wages and materials more closely follow consumer prices. It's a double-edged problem: lower revenues, higher costs. Profit leaders have figured out how to survive in this environment as they still stand out from their peers. But these double-edged pressures have caused weak companies to leave or offer themselves as consolidation candidates.
Bloomberg.com has created a web page that summarizes labor market data in one convenient place. In Congressional testimony and in public discussions, Dr. Yellen has stated that she watches a “dashboard” of labor market indicators. I'm of the age that the mention of “dashboard” is a reminder of the Meat Loaf hit of the 1970s.
The monthly NFIB Small Business Index took a step back after it nearly reached the pre-recession high. The chart shows that high of a few years ago as a green line. The index fell almost to the bottom of the 2003 recession level. For a few years the Index seemed range-bound between that recession and the lows of the recession of the early 1990s (the two red lines). This particular survey had all ten elements of its index fall, which is highly unusual. The Index bears watching as there are very few data series that follow small business activity.
The average number of employees in commercial printing establishments has declined over the years for many reasons. Among large printers, volumes of magazines, catalogs, inserts, and other long run length products produced on web offset and gravure presses have declined, leading to plant closures and consolidations. Desktop publishing shifted work to graphic designers, publishers, and other content creators. That, combined with direct-to-plate and digital printing have nearly eliminated the need for prepress departments. Presses require less staffing than older ones. In smaller printers, copies and digital printers have reduced the need for press operators. Other technologies, such as search engines, e-commerce, advances in administrative software have reduced employment in other functions. Even voice mail, cell phones, and e-mail have gradually reduced the number of staff required to run a printing business.
The chart shows one of the rates for Treasury securities called the “constant maturity rate,” used to set rates for instruments like mortgages. The line in the chart is that monthly rate less the year-to-year change in the Consumer Price Index for that month. The Fed has worked hard to keep their interest rates below inflation to stimulate the economy, as well as make housing prices rise so that fewer mortgages were “under water.” It hasn't worked that well, but that's a different topic for a different day. But with all of the worries about the Fed raising rates, the combination of their inertia and changes in the inflation rate may be producing what they've wanted: a Seinfeldian case of “nothing” becoming something. At the end of 2011 the real rate in the chart was -3%, and the last observation in the chart is about +1.5%, a 450 basis point move. For about three years, the CPI has been below the Fed's target of 2%, and in December and January it was negative. February CPI was just reported as an annualized 2.4%, so this rate rise may disappear soon
There's a lot to be said for the funnel idea because it describes the sales process, creating order out of many sales prospects and suspects matching their needs, interests, and motivations with your sales offerings. But it tends impose the structure of an orderly assembly-line manufacturing process into sales management, and inadvertently creates the impression that sales and marketing are simple and unchaotic.
On Wednesday, March 18, the Feb removed the word “patient” from the announcement of a potential rate hike, but as the Washington Post explained “Well, the Fed really said that it's going to be more patient than it was before, even if it's not officially so. In other words, it could hike rates at any time starting in June, but it's less likely to do so. And even when lift off does happen, it'll probably happen slower than people thought it would.” There you have it: Janet Yellen does a great Alan Greenspan impression. No one knows what he meant but everyone knows what he said. Dr. Yellen also explained that while the Fed is no longer in the act of quantitative easing, they are replacing all of their holdings as they mature. What got less coverage is that the Fed lowered their forecasts of GDP. For 2015 and 2016 they lowered their prior forecasts by three-tenths of a percentage point. Each tenth is about $150 billion. So their forecast was reduced by $450 billion, or the equivalent of six commercial printing industries. Such data analogies can make one's head spin.
Don't let four jagged lines on a chart confuse you, because there's good news hidden inside. The labor market is very dynamic, more dynamic than commonly understood. About 2% of the workforce quits jobs every month, and between 1.5%-2% separate from their positions in other ways because their projects are completed, fired for cause, or downsizings. About 3% of the workforce is hired in different positions every month. What's made the improvement in total employment this past year is the increase in job openings (the blue line in the chart). Note that it has a higher upward slope than the other lines. The number of job openings is now around 5 million per month, more than double that when the recovery started in mid-2009. The bottom line, in red, is “quits.” Most workers do not quit their jobs unless they have something better lined up. That line has a general upward slope, and it is common for this to increase as economies improve and workers feel more comfortable changing positions. Though not population-adjusted, the lines are definitely moving in positive directions, with job openings as the most encouraging of them. What's this mean to printers? Never consider your business contacts in companies as “safe.” As economies improve, job changing increases. Be sure to have multiple engaged contacts in your most important clients. Also, be sure your key employees are kept “gruntled” because disgruntled key employees can be valuable elsewhere.
There is a general (and natural) assumption that commercial printing and the economy as measured by GDP move together. The chart below shows the year-to-year percentage change of the two data series, GDP in red and printing in blue. The chart tracks current dollars and are not adjusted for inflation. Except for a brief period from the second quarter of 1995 through the first quarter of 1996, shipments have lagged GDP growth. What was special about that period? The Internet bubble was beginning, and in September 1995, Netscape had its initial public offering. For those four quarters, commercial printing was an average of 4.5 percentage points better than GDP growth. Prior to that, commercial printing had lagged GDP during a period of slow economic growth. Since Q2-1996, the difference between nominal, unadjusted GDP and commercial printing has been 5 percentage points. The last two quarters of 2014 commercial printing had positive growth compared to the prior year, but still lagged GDP by -1.6 percentage points.
The Fed stopped Quantitative Easing a while ago, and the value of its balance sheet fluctuates around the $4 trillion level. As their holdings mature, their aggressive position in the bond market will slowly unwind. Or will it? The Fed is likely to decide to re-invest proceeds in more bonds and obligations, replacing the matured debt with new ones, but not adding to their overall position unless there is a crisis again. Until their first moves where they doubled their balance sheet quickly, from $800 billion to $1.6 trillion, this measure of the money supply moved steadily at about a 6% annual rate, sometimes a little more, sometimes a little less, about half equal to economic growth and the other half to inflation. Whether or not the Fed will reduce its balance sheet or not is still a question in my mind. They could just hold steady, and let inflation and growth catch up to them, which will take quite some time, but not scare the markets. But something always happens that's not according to plan, and the Fed will be interesting to watch as they move from this unchartered territory to another.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.