And yet.. unemployment at 3.4%. Do you know any unemployed engineers?
The engineers that I know that were recently laid off and are unemployed have huge savings cushions and are being tremendously picky.
It might not be sexy to take a job building software for an insurance company, and it might be quite painful to take a 30% pay cut, but jobs are there for those that want them. In an actual nation-wide recession, they are not.