Mostly accurate. I have observed something close to this at my company but instead of cutting employees they cut 90% of the contract workforce. Those numbers don’t actually count as a layoff until the consulting firm needs to clear the bench and lays them off. If one were interested they could try and get the data for layoffs at consulting firms such as Accenture, etc. Most times the contract worker actually costs us more than a full time employee. Sure the worker gets paid less by their firm but their firm bills 2-2.5x their salary.