Grim outlook for US IT spending

US companies are pulling back hard on IT spending as the economic downturn continues, a new study by ChangeWave Research has found. Thirty percent overall reported that third-quarter IT spending was lower than previously planned, an increase of three percentage points since ChangeWave's May spending survey. Meanwhile, only 12 percent spent more than planned. In addition, 29 percent said spending will drop or even cease in the fourth quarter, a 5 percent increase over the last study. Thirteen percent plan to spend more.