Tech Spending drastically decreasing

With economic hardships reaching into business and financial sectors around the world, it was only a matter of time before we saw the tech industry affected. Techtel Corporation released findings today announcing that overall tech spending has fallen drastically over the last four quarters and that only an estimated 3.9% of companies are expected to increase their IT spending. Michael Kelly, CEO of Techtel, remarked: “Tech’s hesitation about future demand is well-founded. U.S. IT spending is slowing and expected to continue doing so. It appears we may enter a period of declining IT spending during the second half of 2008.”