Anyone else feeling the 'productivity' pivot?

Management keeps talking about 'operational efficiency' and 'leaner squads' in every town hall lately. I’ve been through the previous rounds, and this feels like the exact same playbook before the axe actually falls. The atmosphere on Slack is dead. People are just keeping their heads down, doing the bare minimum, and waiting for the other shoe to drop. We keep hearing that we are 'done with layoffs,' but look at the industry—nobody keeps that promise when the margins need to look better for the next earnings call. Is anyone else noticing that the long-term projects are being deprioritized in favor of short-term wins that look good on a spreadsheet? I’m genuinely concerned that they’re just waiting for the next quarter’s guidance to signal another 'strategic realignment.' I’ve already started updating my resume because I’m tired of the constant anxiety of checking my calendar for surprise 1:1s on Friday mornings.