The 2000 recession sucked and lasted a while. I remember Intel was hiring web programmers for $12/hour and were getting swarmed with applicants.

In those kinds of environments, contractors do a little better. Employers are all freaked out, they want to get work done but they don't want to make long-term commitments. It's not until they start making noise about contractors being expensive and wanting to convert you to full-time that you know the recession is over.