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In my version of the world; consultants do better when the economy is down. Because 'big companies' let people go; but work still needs to be done so they hire consultants / consulting firms.

In US companies; this shift looks good on the balance sheets and helps stock prices. Because employee cost is a different line item than consultant costs.

I believe the economy is picking up when my business takes a hit.

[All said with the caveat that my interpretation of events could be completely wrong]

Yes, this was definitely my experience in the 2000-2003 timeframe, but the catch was you had to have deep experience to sell yourself as a consultant (thus new grads got purged instead). But yes, many with enough experience to go the consultant route who knew how to sell themselves did well when the rest of the economy was in the gutter for the reasons you explain above.

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