Companies are using this climate to take a chainsaw to all of the 'overhiring' they did. This isn't the end. It's just the start. I tried to tell people about this industry. If you love coding or dealing with tech and you can't see yourself going anywhere else or doing anything else and you get really good, sure, it may be worth it. However, this is an UNSTABLE industry, and with how over saturated it has become, it's extremely competitive for the roles that are available. There is also a ton of competition from outsourcing now. India used to be a huge hotspot and still is, but you now have Latin America, which eliminates the time-zone barrier.
Everything is cyclical though, so the saturation mixed with the down-swing makes things VERY tough right now.