Singapore IT sector resilient against current recession?

With all the news about retrenchments  locally and abroad and how hard it is for people to land jobs, I'm seeing quite a lot of new faces in and around my workplace, quite a number of them fresh grads. And among my friends and colleagues, quite a few have switched jobs. My mailbox is full of alerts from job portals about new opportunities. So amidst all the doom and gloom, I'm just wondering, is the local IT sector more resilient against the current recession compared to the other industries?