American businesses have continued to spend conservatively on tech during 2003, but a modest recovery is likely in 2004, according to a new study released by Goldman Sachs on Monday.

A survey of 100 chief information officers of Fortune 1000 companies in August has revealed that their expectations on technology capital spending have eroded slightly. However, vendor pricing, a critical component in a tech recovery, is showing the most promising evidence of bottoming so far this year, the firm said.

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