Nobody collapses, everything just shrinks.

And we're seeing that in the labor numbers.

Sometimes things are harder to see because it's chipping away and everywhere at the margins.

A market doesn't have to shrink all that much before there's a collapse. Generally it's quite gradual, and then very sudden. There's a tipping point where a market cannot sustain a public company and their structural overhead and have declining revenue. Investors don't want to invest in shrinking markets because it's a guaranteed way to lose money. This leads to share price collapse and the sudden rapid destruction of market incumbents.