From what I've seen, CS/programming job growth is significantly worse than in other comparable fields. Though my guess is that's a retrenchment from overhiring and overpaying.
The data I've seen on under& unemployment for recent grads from the federal reserve bank puts comp sci kinda middle of the pack of other science & engineering majors.
I would expect CS doing better than EE or Physics or Chemistry or ME ...
In some science fields good luck getting a job if you don't have a Ph.D.
But otherwise, yes, these things are cyclical. But I think the trend, even with AI, is still towards more software. We've had explosive growth over the last few decades.
https://www.newyorkfed.org/research/college-labor-market#--:...
It's bad across the board - 20%+ under & unemployment for basically everyone.