Is it just me, or are project pipelines drying up?

Been in consulting for about 5 years, the last 3 with Accenture. Up until about 6 months ago, it felt like there was always a steady stream of new proposals and opportunities. Now, it feels like we're really struggling to land new work. My usual go-to folks for pipeline updates are being really cagey, just saying 'market conditions are tough.' That's a big change from the usual 'we've got so much in the works we don't know where to put everyone.' Have to wonder if clients are pulling back on spending or if Accenture is losing out on bids. It makes focusing on utilization targets feel a bit like rearranging deck chairs on the Titanic when there's no new work coming in. Anyone else seeing this slowdown in new business?