Denise Dube reported on this recently. According to Janco Associates, the financial firms' woes, along with HP's news it would lay off 24,600 over three years, would "gut the IT job market." Janco officials say that it is has been confirmed that a large number of IT professionals in both organizations will lose their jobs by the end of the year.
In terms of IT spending, the immediate news is also not great. Forrester expects growth in IT spending to slow down in the fourth quarter of this year and the first half of 2009, and then pick up again. "The tech market is not declining," said Andrew Bartels, vice president and principal analyst at Forrester. "This is not a replay of 2001/2002."
Thats good to know, but when so much uncertainty hovers over the markets, who knows how things will turn out. Meanwhile, it is still safe to stay optimistic.
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Zafar Anjum is the online editor of the MIS Asia portal.
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