Most industries have a boom/bust cycle. IT could be one too. For a long time some courses had waiting lists. They were very popular.
Economic slow down causes employers to be more cautious and maybe to cut costs in anticipation of bad times. This is nothing new. Maybe IT escaped the downcycle last time. But looks like not this time.
The real question is how long will it last. Most employers have a list of good ideas they would like to hire employees to address. They will be back as soon as the bean counters say ok.
What do you think? 6 mo? a year?
Once the feds stop raising interest rates and begin to cut them again, much pressure will be reduced. In the meantime, the earnings pit can seem bottomless. Who knows when we will hit the bottom.