Today’s NYTs New Economy article, referenced a Goldman Sachs survey of corporate spending. The survey noted that:

Technology looks to be firmly in the cyclical category for now.

The gist of the Times story was that this was too narrow of a view of “technology” (i.e., just corporate spending). The article sited technologies that might not be captured in the survey such as: Medsphere (a start-up that hopes to bring open-source clinical systems to hospitals), Epocrates (a handheld-based drug, disease and diagnostics tool for doctors) and social software such as wikis and Flickr.

Information technology is clearly much more pervasive than a corporate-spending figure would suggest.