Tech Slump Expected to End Before the Close of 2003

November`s CIO Magazine Tech
Poll(TM) shows, “The majority of CIO panelists believe we will see a pick-up
in IT spending before or by the end of 2003. 
These results give us some hope
the worst of the IT spending slump may be behind us by the second half of
2003,” says George Elling, Managing Director, Enterprise and PC Hardware
Research for Deutsche Bank Securities.
 
“IT spending has shown some very modest declines over the past four months
compared to a year ago. Increasingly, CIOs are saying weak corporate profits
are holding back their IT spending as evidenced by the CIO Magazine Tech
Poll,” continues Dr. Ed Yardeni, Chief Investment Strategist for Prudential
Securities Inc.
 
“Despite weak profits and declines in spending, CIOs are more optimistic
about IT spending because of replacement needs, such as computer hardware,
security and infrastructure software.  The question remains whether this will
be the catalyst for renewed IT spending,” adds Gary Beach, Group Publisher of
CIO magazine.
 
The CIO Magazine Tech Poll provides technology and business executives,
economists, and policymakers with a tool to gauge technology growth trends and
to assess their impact on the overall economy.  The poll panelists are asked
to answer questions on overall current and projected IT budgets on a monthly
basis.  Also covered are future spending plans for IT hardware, software,
services, and Internet initiatives. 
To see results of November`s poll: click here.

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