GE Capital released its Technology & Business Services Industry Research Update for September 2014, revealing revenue and earnings results for many tech vendors were generally in line with subdued expectations during Q2/14. Growth for the fourth quarter in overall IT spending is expected to be typically seasonally strong.

According to the report, industrial production of computer and communications related equipment has been flat or down slightly over the past 12 months. Conversely, production of semis and related equipment has been robust over the same timeframe. During July, the index for production of communications equipment was down 1.2% while computer related equipment was flat year-over-year. Meanwhile, production of semiconductors and related equipment increased more than 11% over the prior year.

Global sales of semiconductor capital equipment in July were essentially flat month-over-month but increased 9.4% year-over-year. Orders in July decreased 2.8% month-over-month but increased 17.1% year-over-year. Putting these dynamics together, the semi capital equipment book-to-bill during July matched or exceeded parity for a tenth consecutive month.

GE Capital’s Telecom, Media and Technology financing business completed a combined total of 59 deals worth $5.5 billion during 2013, including $551 million in semiconductors and capital equipment, $4.8 billion in software and services, $786 million in systems and storage, and $1.6 billion in VARs and distribution.

To read the entire report, click here.