https://fredblog.stlouisfed.org/2023/03/was-there-a-tech-hiring-bubble/ Finally, other datasets from the same source show similar ups and downs in other countries around the world (see here and here). So, although the data from Indeed.com is not as comprehensive as the BLS data, they suggest a large-scale cycle in tech industry employment is over.
would be interesting to see precovid data
Obviously before most silicon valley cos would hire from a local & willing to relocate limited candidate pool. Pandemic hit everyone was remote pool now was unbounded & global, tech cos usage/capital spiked and hiring spree happened. As 'headwinds' were predicted, downsizing happened even if it wasn't really needed leading to the job market we are in now. Hiring demand is low and there's over supply of people ready to work. Realistically it will take a while for demand to go up again and for supply to dry up.
Data is convincing that a boom happened and that we are in a bust now. The part where they say “the cycle is over” is not convincing to me.
Obviously
There was definitely a FOMO-driven hiring bubble.
Yes
There was free money and everyone was looking to expand. Now, the fountain has dried up. A similar boom happened in the mid 2000’s and then a similar bust happened in 2008. My point with that is that we’re in a down market, but it will recover.
That was that 2008 didn’t affect tech that much
You mean we'll see another bubble in 2030.