With all the layoffs occurring, will we eventually see the labor market cooling?

I’ve been seeing a lot of companies laying part of their workforce off, yet the labor market remains hot.

Is there usually a lag when it comes to the labor markets cooling? Or, would we expect to see those who were fired be hired elsewhere?

Additionally, do layoffs like these signal a recession is on the horizon? I know it’s like beating a dead horse and people are constantly predicting recessions… $S&P 500 Index(.SPX.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$