All the laid off employees will take low compensation somewhere. Every time a good opportunity opens up (1+ year from now), all these low comp people will jump at it, suppressing the wage of that job.
Hard to imagine how long it will take for that effect to disappear, need a stock market boom or low rates again
These companies aren't laying off labor that have few choices. They're budding off knowlegible competetors.
If these folks can't find a well paying job it's a very real option to create a well-performing company.
Besides, the market is still super tight and shows very few signs of loosening.
What we're seeing is that the old-guard companies have hit their autumn years. But companies being companies autumn could last for decades.
I think we had too much talent dedicated to some of these sectors anyway. There's a lot of interesting problems out there that could use more attention.