Sure we can speculate that 3% is not news. Again, it’s a one way conclusion: I concede if they want to axe a project deliberately, that could show up in the lay

Sure we can speculate that 3% is not news. Again, it’s a one way conclusion: I concede if they want to axe a project deliberately, that could show up in the layoff, but projects won’t incidentally get impacted because of a 3%. The causal relationship would be the opposite.