Is the IT industry getting hit hard because of COVID-19 in the USA?

Hi,
Is the IT industry getting hit hard because of COVID-19 in the USA?Or is it just the Hospitality/Travel industry?
Are a lot of contractors/employees getting laid off in the IT field?

When will the economy bounce back?

I am hearing a lot of H1B people going on furlough due to project delays or client ending projects.

Most of it is happening in hospitality, car, travel and similar industries.

I heard airlines like southwest, United and others have shelved projects with immediate effect and laid off many people.

Ford, GMC and other car companies have also ended multiple projects.

Banks have also hinted that they are looking at reduced resource requirement for next quarter.

Hiring has been freezed.

It will take about 2-3 quarters to recover once the Coronavirus emergency closures are ceased.