Wednesday, October 4, 2006
Technology spending forecasts fell in the third quarter, the latest sign that IT managers are worried about a slowing economy.
Chief information officers expect IT spending budgets to increase 6.5 percent over the next year, down from a forecast of 6.9 percent in the second quarter, according to the CIO Magazine Tech Poll.
The latest view from IT managers reinforces a long-held concern that the slowing economy will lead to cutbacks in business spending.
"Our latest poll suggests that tech spending is likely to remain subdued over the remainder of the year because corporate managers may be concerned about weaker economic growth in 2007," said Ed Yardeni, who helped create the poll.
Gross domestic product, grew 2.9 percent in the second quarter, down from a robust 5.6 percent pace of growth in the first quarter, and many economists expect the downturn in the housing sector to further pressure growth.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
