When I entered grad school it was. Then the Soviet Union died, and the market, already awash in a large number of Ph.D.s in physics suddenly transformed into something that I could not effectively compete in.
To some degree, you are measured, as a student/postdoc, by the number of highly rated papers in good journals that you produce, as well as citations, invitations to speak, etc. All of this factors into how high in the stack you will rise.
When I was looking at applying for tenure track positions, I was hampered to a degree, by being in a group that didn't publish often (and of course, as a student, I couldn't push my advisor to publish more ... she had tenure already). So I had a couple of good papers, but nothing compared to these senior folks from FSU, with 20+ years experience, many Phys. Rev. Letters, and other top journals. And hey, to make it even more fun, they were willing to work for less than the newly minted Ph.D.s.
I don't blame them. Would have done the same thing in their shoes. We are better off for them having come here and advanced physics.
But to the younger me, thinking ... damn ... this ain't fair ... it wasn't so obvious at the time.
I made a conscious decision to go into industry, knowing full well that it ended my hopes of landing a job as a prof. I've had a few side research associate prof gigs to teach HPC programming or work in a CS group (not bad for an ex-physics guy), and for the most part, they were fulfilling.
This is a hard choice to make though. All grad students and post docs need to know what awaits them in the world. Don't, as in never, believe anyone ever telling you about shortages. Assume that they have an agenda.
I was part of a cohort to whom the NSF exhorted the looming shortage of scientists for staffing physics positions (mid 80s). I was both naive enough to believe them, and foolish enough not to do my own research.
I would have gone in a different direction, had I known what I learned later. One more pragmatic. Likely Math or CS.
My recommendation to younger versions of me, my wife (also an ex-physicist, now a math/physics teacher in a local high school) would be to look carefully at how the world is moving toward some things and away from others. Estimate where we will be in N years when you finish up, and try see if something you think you would like to do aligns with something people are willing to pay for. Make sure you are flexible enough to change, and you can adapt as needed. Learn how to learn, learn how to think, learn how to move beyond your comfort zones. Learn how to communicate, how to sell (not necessarily things, but ideas). Learn what value is.
Then when you get to be an older fart, responding, slightly wistfully, to posts on HN, you can pass along your own experiences, thereby, hopefully, helping someone to optimize their own journey.