Is the IT job market about to crash?

I’ve heard some rumors from some folks at bigger companies that they’re going to stop trying to hire contractors and just mass hire fulltime employees. I’ve heard another rumor that some companies are going to start freezing budgets and letting contractors go. There was a big layoff (over 1k) at IBM this week. <br><br>I’ve been hearing rumors that a recession will happen late next year or early 2025. Idk how to look for job market trends in IT. I know that the job market for IT has grown a lot in the last 10 years. It’s definitely slowing down.