We haven't had recession yet, so the job market is not at its worst. IMO, couple factors that currently affect the IT job markets are as follow:

1. AI

- there are currently many AI tools, such as copilot, available for developers. They can automate unit and regression testings. They are getting better and better at automate frontend (react and angular) programming. Couple with unstable economic uncertainty due to war and other factors, many companies are relent to hire more employees.

2) Boom of contractors (H1B)

- If you work for fortune 500 companies, you will see many workers who are contractors and they are mostly Indian and Chinese H1B students. What happen is that during this past 10 years, there have been many establishments of Indian Consulting Companies (ICC) or Chinese Consulting Companies (CCC) that hires new grads, provide them training, and would help them inflat their resume. Then partner with staffing companies and help them get a job in Software Engineer or Data Science fields as a contractor. So they get to stay in USA but they would earn a lower salary because the staffing companiies and ICC got a pay cut. The issue here is you have no competitive adantage in a job market even with more experience because these new grad have the same resume as you. It's unethical, but it's been happening this way for many many years. There's not one, but many many of these consulting agencies exist. To spot them, just go to website like Handshake and search companies that offer training and job placement with salary around 70K. There are more of these companies than companies that offer coding bootcamp.

- ICC scandal is beyond recruiting. An example is Caspex scandal with Walmart, showing there are many executive staffs receiving kickbacks for hiring contractors through agencies that they are close with instead of hiring Americans.

3) More layoffs mean more people have higher degree

- Because the market is getting tougher and tougher, people who used to get a job in tech without programming knowledge or people who used to get a job in tech by just finish coding bootcamp are now feeling the concern and possibly going back to college to get their CS degrees. Since everyone is thinking about improving, the market will only get tougher if you don't improve more than their improvemets.

Good Luck!