Same thing happened after dotcom. Same thing happened after 2008. Same thing will happen now during AI and the trump recession.
After every downturn ends, there comes a sudden hunger for engineers, and companies can’t seem to get enough. Some companies will even hire engineers just so other companies don’t hire them. Be ready.
I changed jobs in '08, '10 and was contracting by '11. Didn't notice any downturn from 2008 at all.
I'd only once in 20 years been turned down for a job I'd applied for. Every other job I applied for I was offered. I've applied for over 600 roles in the past year and barely had a handful of interviews. That certainly feels different.
Now's a good time to look for the less exciting but stable companies in recession-proof industries. Doesn't even mean you need to look for lower pay.
I think the 2008 downturn (when it comes to this profession) was a little bit less severe compared to just after dotcom, or so it felt here in Eastern Europe.
But, to be honest, I do miss the "just after dotcom crash" period, there were lots and lots of interesting things people were working on back then, and the majority of it didn't involve making money. Maybe this is just nostalgia, because I first became a paid programmer in 2005, but that's how it feels 20+ years from that time.