NYT reports a sharp decline in PhD admissions since last year. I see it happening in my department. Funding is down, but job uncertainty is a major driver, too. There's no longer a guaranteed job in academia after grad school; why would students risk debt and years of low pay for no clear benefit?
Decline of Ph.D. Admissions Could Imperil a ‘Generation of New Talent’
Some of the nation’s top research universities are shrinking doctoral programs because of uncertain federal funding.
nytimes.com