It's worth mentioning here that a lot of people who HAVEN'T lost their jobs are taking pay cuts just because cost of living increases aren't always there. If you're a contractor, often the contract is just extended and doesn't take into account the macro issues we're all seeing.

US salaries are falling. Employers say compensation is just 'resetting' - https://news.ycombinator.com/item?id=39634957 - March 2024

“Great Wage Resetting” are the relevant keywords.