Yep, it's been a trend all year. My studio got canned back at the end of January. Publisher called us into a studio-wide meeting scheduled during lunch with 1 hour of notice, only to say "The game you spent 6 years on is canceled and all 150 of you are fired. The media will know in 30 minutes, don't say anything until then if you want to keep a severance package." (I have since landed on my feet elsewhere.)
These studios are owned by big publishers and generally work for years at a loss. With the costs to borrow increasing, we're seeing cuts on long-term investments that might not make their money back (like movies and games).
Volition was owned by Embracer, which is now struggling with funding. So anything that isn't a sure bet is effectively canned - and in turn you see these studios shut down left and right, plus big layoffs from studios that are still open.