Yeah, I wouldn’t consider this a sign of recession. Instead, it is the confluence of various structural changes in the industry.

1. Because the industry was forced to work in a distributed manner, it has removed the location premium in a lot of salaries. Companies are firing high cost of living areas and hiring in lower cost of living areas.

2. Outside of cost of living, total supply for developers has increased significantly.

3. The return on investment for software development has either dropped or are starting to be included in more decisions. This is leading to development budgets getting slashed.