Are return offer rates lower than previous years?

Intern at a top three BB in S&T. It seems to me a lot of interns still aren’t sure whether or not they will get a return offer. About 30% of spots have been cut since the summer started and there isn’t even a theoretical spot for everyone who does well. Seems getting the offer is just luck I know so many smart and hardworking students who are still unsure of whether they will return or not. Is this all do to the impending recession because it seems a lot of changes have occurred in regards to hiring in a matter of days.

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