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Byline: Antonio A. Prado
The tech wreck is still wrecking. Corporate tech spending growth has plungedfor the sixth straight month, says a new poll of chief information officers.
Deutsche Banc Alex. Brown and CIO Magazine's Technology Growth Current Indexplunged 50% to 0.6 in May from April's 1.2 reading. The future growth index also fell to 0.6 from April's 1.1.
The indexes are based on a poll sent to more than 1,100 chief information officers at firms of different sizes in a variety of industries. Companies polled spend at least $50 million a year on information technology.
Based on the indexes, IT spending grew just 5.2% over the 12 months through May.
That's the first time growth over a year's period fell into the single digits.
The growth drop "is pretty substantial," said Debbie Johnson, an economist at Deutsche Banc in New York. "It's basically been cut in half."