- And I quote http://www.theregister.co.uk:

Hopes dashed for UK IT jobs recovery
By Tim Richardson
Posted: 24/02/2003 at 16:12 GMT

Hopes that the UK's IT jobs market might be making a recovery were dashed today following confirmation that the number of vacancies suffered their worst drop since the economic slowdown began 18 months ago.
We are talking about a job market?
The number of vacancies slumped 38 per cent in the last three months of 2002 according to the CWJobs UK Quarterly Regional IT Skills Index.
Yep, less vacancies.
It seems the dip has put an end to hopes for an early recovery in the IT jobs markets, especially after earlier figures suggested that the rate of decline was slowing down.
It sounds like people began filling the available positions.
The East Midlands was the worst hit region in Q4 2002, with the number of vacancies dropping by 45 per cent, closely followed by the West and Wales (43 per cent).
I know, I know... less hiring
Overall, all regions suffered a fall in available jobs with every part of the UK seeing over a third less IT jobs advertised than in Q3 2002.
It seems to be 'demand side' economics outweighing the 'supply side' here.[eg]
For the whole of 2002, the IT jobs market fell by 76 per cent. The Midlands suffered an 80 per cent fall in IT job vacancies while Central London racked up a 62 per cent decline in advertised IT vacancies.

It truly sounds like a depressing scenario, and I'm sure it is... but the description may be playing a bit of statistical "shell game". I always thought that "more full", especially when dealing with social issues begets a better pespective all around.