I think that in the laying off phase, consultants + contractors are the first to let go. That's because they don't require severance and are easy to just cut for companies.

After the layoffs, I think when companies do need to increase headcount, consultants and contractors will be in huge demand, for the same reason: in a time of market uncertainty, they're just easier to let go and therefore cheaper.

When the economy comes back into full swing, I think we revert back to FTE as the default.

You can check https://www.contractrates.fyi/ to see what kind of rates people are getting these days.

Super short term, I'm bearish - I think hourly workers are going to face significant cuts. Short term, bullish - they'll be the first ones brought back. Long term, FTE will probably win out.