During dot-bomb it seemed as if people weren't even getting nibbles.
Based on anecdata from someone experienced who described the current situation as "weird," it seems as if there are a ton of people being put through a full interview cycle only to be told "Oops, the budget's been pulled" or "We decided to hold off for now."
I agree with you and my friend said something similar.
During dot-bomb we knew. It was nuclear winter for tech. I was very lucky to get a quick offer from the owner I knew at a small company that was still doing OK (and was probably overconfident that was going to continue) when I was laid off.
Today, as you say, who the hell knows? So companies are somewhat randomly zigging and zagging all over the place. Oh, and toss AI into the mix.
Based on anecdata from someone experienced who described the current situation as "weird," it seems as if there are a ton of people being put through a full interview cycle only to be told "Oops, the budget's been pulled" or "We decided to hold off for now."