JPMorgan Slashes 2013 Forecast For IT Spending

IT spending is likely to see lower growth this year before seeing revival in 2014, according to a report released by JPMorgan Chase & Co. (NYSE:JPM).

JPMorgan's Analyst Cuts IT Spending To 0.6%

JPMorgan Chase & Co. (NYSE:JPM)’s analyst Mark Moskowitz has lowered the IT spending estimates to 0.6 percent from the previous forecast of 1.2 percent.

The recent report from JPMorgan clearly signifies that global IT spending has apparently not bottomed out, trailing global GDP in 2013.

However the analyst exudes confidence for 2014, by projecting an IT spending growth rate of 3.6 percent.