Talk of recession is at fever pitch, fanned by the news that the august Wall Street investment bank Bear Stearns went belly-up on March 14. With sluggish hiring, spiraling fuel costs and the mortgage foreclosure crisis gripping the nation, it would seem to be only common sense to say that IT is one of many industries looking at hard times.
But is that fear justified? Upon inspection of recent economic indicators, it seems that the technology industry is somewhat immune to the turmoil plaguing other industries.
On March 5, the Federal Reserve put out a report (click here for the PDF) that did, in fact, find economic growth to be sluggish in two-thirds of the 12 Federal Reserve districts it surveys, with rising food, energy and materials costs putting pressure on growth and slower hiring in various sectors.