Hiboglossi
The Most Depressing Person
When I first finished my training back in 2006, there was a hiring boom. People used to joke that anyone with a pilot licence and a pulse could get hiring at the regional airlines. Sometime in 2008/2009 the gravy train ended. I was laid off my job as Metroliner FO in late 2008, and couldn't find a job for the life of me. I send out hundreds of resumes but there was so many other people in my situation with more hours than me and there was not enough jobs to go around. Eventually I gave up and began pursuing employment in my "fallback" which is software engineering. I've been working as a full time software developer for the past 8 years or so. I've been considering getting back into flying the past 8 years, but it's only worth doing in there is another "hiring boom".
My questions is, how to detect when there is a hiring boom going on? What are the indicators?
There probably is, for the reasons others have mentioned. I received offers from 5 regionals this year despite having an accident on my record, and 2 of those were after washing out at one of the first 3. Definitely looks like a hiring boom, and I would stay it started in 2013 or 2014 so we're probably at the tail end of the hiring wave by now. The hiring boom you describe ended shortly after the economy entered a deep recession, and now it's been 7 years since the end of that recession. Historically, it has been very rare to go more than 7-10 years without a recession, so I would say we're just about due for another downturn.
You say it's only worth going back into flying if there's a hiring boom- the problem is, while there seems to be a hiring boom going on now, it could come to a screeching halt without much warning. You certainly can't count on there always being a hiring boom, sooner or later there will be an economic downturn or some event will happen that stops hiring for a few years, if not leading to furloughs. I would only re-enter flying if you accept the reality that there will be hard times sooner or later, and are prepared to deal with them. It might be a good idea to have plenty of money saved up for the hard times as well.