When will Job Market normalize?

There’s most likely never gonna be a 2022 level hiring again. Across all roles. That was just crazy hiring.

Friend of mine in an enterprise tech company who's responsible for talent acquisition is saying that they are waiting for the job market to revert back to pre pandemic levels when it comes to salary expectation as they aren't able to sustain teams at this rate and therefore hiring freeze. They beleive it should come down to those levels by end of this year, also since there isn't a lot of demand coming out of the US these companies are anyways finding it difficult in the market. So yeah we have another 6 months or so according to what I've heard.

Should've added a "no idea" option, since most people have no clue

Once Fed starts cutting down the interest rates.
And that's not going to happen this year.

Depends on what Market are you talking about. Most of the people over here are tech/product/growth so with the slowdown in the VC dollars you will find that salaries and roles will both get impacted. Suddenly ESOP's will not look like the pot of gold at the end of the Rainbow.

The market for all of the above in established companies at a reasonable comp is expanding. This is because none of these companies could pay the crazy amounts demanded.

All in all the market is good if you are open to roles in adjacent industries and legacy companies who have been waiting with bated breath to rework

Maybe a bull run could return some hope

The tech companies had really over estimated the impact on eCommerce and other digital products because of the pandemic.
But things turned out to be normal after the pandemic got over and pandemic trends reduced a lot . Now, due to over estimation, they had over hired , but when they didn't see the revenues and profits , they had to revert back .
Apart from that we had a lot of free money printed by FED which was pumped thru VCs , now with drastic increase in interest rates by FED , the free money also reduced .

So ya , there may not be such high jumps like we saw last year or so , but there is a demand and it will grow slowly but not very fast .

In the name of markets downtrend, lay-off option was misused by few of the companies on their overhead cost. Hope the markets gets better by Q1 2024!!!

Job market has already normalised. It was abnormal for the past few years

Define normal...2012 or 2022?

Job market will likely get worse than better. Just look at around the startup news coming around you. These were the people who were paying what you want without accountability of the company. The current stock market recovery is more a bear trap for smart money to get out.