There were 451 PhDs awarded in 2014, down from 495 in 2013.  But when you notice that only 365 PhDs in philosophy were awarded in 2004, you get an idea of how things have gone very wrong.  Since the recession, many PhD programs have shrunk their classes, and that's a good thing.   But many current PhD programs should close, and perhaps revert to offering the MA, since MA programs serve a useful purpose for both students and the profession, helping students figure out whether academic philosophy is for them, allowing students to strengthen their skills, and helping PhD programs do a better job identifying those with good prospects of success as a "professional" philosopher.  

Schools that are part of the prestigious Association of American Universities are always reluctant to give up their PhD programs, because annual PhDs awarded is one of the criteria for membership (perhaps the AAU should change that?)  If you look at current members, it's easy to identify at least a half-dozen universities that really don't have faculties or track records to justify awarding the PhD in philosophy, especially under current market conditions.  Some of these schools, by contrast, could have very good terminal MA programs.

(Thanks to Rob Townsend for the pointer.)