Grim outlook for IT spending

ChangeWave Research has found in a new survey that there is a retreat on corporate IT spending as the economy continues to slump. Thirty percent of those surveyed reported that third-quarter IT spending was lower than previously planned. In addition, 29 percent said spending will drop or even cease in the fourth quarter.

"Thus, the brief period of stabilizing we picked up in May has given way to another major leg downward," said ChangeWave director of research Paul Carton. "In fact, you have to go way back to the middle of the last recession (August 2001) to find a ChangeWave survey projecting this big of an IT spending downturn." The survey also found that a quick turnaround is not expected.

For more on reading the economic tea leaves:
- see this CIO.com article