In the third quarter of 2008, the sector has witnessed a whopping 484 per cent growth, industry body Assocham said.

The study said overall three sectors IT, financial services and hospitality- prospects of jobs creation have dipped by 38 per cent in October-December 2008 compared to the preceding quarter of the year.

In the July-September period, employment creation registered a growth rate of 124 per cent, while it posted a growth of 238 per cent in April-June, it said.

During October-December last year, most of the sectors were reeling under the pressure of global recession, lack of demand and credit crunch at the domestic front, which has adversely affected job growth.

"As the IT sector struggles to keep its order books intact, it has lost dominance and share in the job market. In the wake of recent incidents like IT firm Satyam fall out, the employment outlook in the sector stands bleak in the coming months as well," it said.

The study also said the financial services sector including mutual funds, brokerage firms and investment advisory units, has been significantly affected by the global meltdown. Its growth dipped to 21 per cent during October-December as against 13 per cent in the third quarter.