On the paper side, Wilde continues, the cyclical demand drop-off has not been quite as severe as that in wood products. Even so, this downturn has been extremely severe by historic standards, with volume declines easily the worst in memory, he adds. Aside from cyclical issues, the declines also reflect an intensification of longer-term structural issues in some markets, especially in print/advertising-sensitive markets. "In the past month or two, we are seeing better y/y comps, but this is largely due to easier year-earlier comparisons, rather than genuine demand improvement."

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