The downturn in the U.S. economy is far from over. ChangeWave's latest IT purchasing survey shows an even greater pullback occurring in corporate spending–both for the current quarter so far and for the next 90 days going forward.

At the same time, the Apple (AAPL) iPhone is beginning to gain traction in the corporate marketplace even as RIM (RIMM) maintains a big market share lead. The survey of 1,947 respondents involved with IT spending in their organization was conducted August 11–21. First, we asked respondents if their 3rd Quarter IT spending was on track to date, and the results were the worst we've seen in a ChangeWave survey.

Three-in-ten (30%) say they've spent "Less Than Planned"3-pts worse than our May survey. Just 12% have spent "More Than Planned." (See also, "iPhone vs. BlackBerry: Consumers Speak Out").

Visibility Going Forward–A Picture of Negative Growth

Looking ahead, the results are correspondingly grim, with 29% saying their company's IT spending will decrease (or there will be no spending at all) in the 4th Quarter–5-pts. worse than the previous survey.

At the same time, just 13% say spending will increase–a drop of 2-pts. from previously. Thus, the brief period of stabilizing we picked up in May has given way to another major leg downward. In fact, you have to go way back to the middle of the last recession (August 2001) to find a ChangeWave survey projecting this big of an IT spending downturn.

Impact of High Energy Costs: Better than a third of corporate respondents (35%) reported high energy costs were affecting their company's IT spending plans for second half 2008, 1-pt. worse than previously.

Impact of the Election: Almost as importantly, one-in-four respondents (25%) say the looming U.S. presidential election is having an impact on their company's IT spending decisions (5% Significant Impact, 8% Moderate and 12% Slight). For more on how this historic election will impact your own portfolio, you'll also want to read "Obamanomics."

Bottom Line: Historically, ChangeWave's mid-quarter corporate IT spending survey has proven to be an accurate early indicator of how the quarter is actually going to turn out. The grim findings of the current survey indicate that the U.S. economic downturn is far from over–indeed, the findings indicate even rougher times lie ahead (see also, "A Healthy Dose of Reality").

Not only are IT expenditures lower-than-expected thus far in the current 3rd Quarter, but visibility over the next 90 days shows...