Alternatively: this is an America problem. I'm outside of America and I've been fielding more interviews than ever in the past 3 months. YMMV but the leading indicator of slowed down hiring can come from so many things. Including companies just waiting to see how much LLMs affect SWE positions.

In Europe it doesn’t seem too bad right now (for the 15+ yr cohort?). I interviewed at a handful of places and got an offer or two and my current team and company is hiring about the same as the last few years