IT contractors not worried about credit crunch


IT contractors not worried about credit crunch

Rebecca Thomson

IT contractors are positive about 2008's prospects, despite the credit crunch fears, according to figures from giant group plc.

The contractor services provider says unemployment is falling and that the credit crunch has had little impact on concerns about job security.

But there are a few jitters in the market. The percentage of contractors expecting their earnings to rise in 2008 fell to 72%, down from 76% in 2007.

But long-term unemployment fell from 4.7% at the end of 2006 to 4.4% at the close of 2007, which is its lowest level for nearly two years.

Matthew Brown, managing director at giant group, said, "There is often an upswing in demand for temporary workers during challenging economic conditions, as organisations put off hiring permanent staff. So, if there is a short downturn, and the market picks up again in 2009, contractors could actually do reasonably well."

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