[smugma]

Other companies stopped backfilling a while ago but doesn't mean they plan on laying people off (and you can look at 2008-2010 for reference to see that some companies didn't backfill but didn't have layoffs). Not over-growing and then shrinking through attrition is one way to rightsize a company in tougher times.

[JackFr]

Absolutely - but absent corporate communications saying "Everything is great" or "OMG we're doomed.", it's a very relevant data point.