A new quarter but no new start for the technology sector. It has become almost obligatory to blame September 11th for all ills but many tech firms were already facing a catastrophic slowdown.

One of the few groups not blaming the attacks for its woes was the Semiconductor Industry Association, albeit an industry group, which confirmed this week that it expected the current quarter to represent the trough in the cycle.

Goodbody expects a regular flow of warnings from tech groups in the weeks ahead.