First to go in a downturn? Expats. If your working in a foreign country .. and they have a downturn... contract guys will be axed first. This is why contract is dangerous...in a serious downturn... if no one is hiring... and you were let go...you could be on the street for some time. There will always be a few jobs to be had, but expect: low pay, must be typed on your dime, recent time, in an area you don't want to go.
Last in/first out is only for the western civilized world where employee rights and blue collar factory worker seniority lists mean something.
For all you dudes on contract thinking your doing better than your comrades back home cause you were making an extra 10% a month due to the lower tax treatment, watch out! Time to be nervous...