2008 investment slump forecast to continue into 2009. - After excellent results in 2006 and 2007, the shine has been knocked off semiconductor manufacturers in 2008. Facing excess production capacity around the world, semiconductor manufacturers are being forced to rein in their industrial investment projects and this trend is being accentuated by the current gloomy economic and financial outlook and the lack of short-term visibility regarding the consumption of IT, electronic and telecoms products. According to the Semi industrial association of the world's major semiconductor equipment manufacturers, the quarterly average bills of US semiconductor manufacturers was down 36% at the end of September 2008 compared with the third quarter of 2007. Moreover, book-to-bill orders fell to 0.76 in September 2008, in other words only 76 dollars worth of new orders for 100 dollars billed. The Gartner research group indicates that global investment in semiconductor manufacturing equipment is expected to fall by nearly 26% this year to 47 billion dollars, compared with 63 billion in 2007. This fall is expected to continue into 2009, when a fall of 13% of forecast. Gartner says the industry will not return to growth until 2010.