For sure, but that has been a confounding factor in any discussion on the waves of layoffs and makes it more about executive incompetence than a systemic change in the industry. What I found interesting was that this chart somewhat quantifies that overhiring so we can estimate how much of a problem that really was.

If I'm eyeballing the chart right, it seems these companies over-hired by only about 3%.

All of these types of reports are so over generalized to have zero value if not negative value.