Honestly, I would not read anything at all into this information.
The thing is there are several levels of the PASS GO mark. Just using fake numbers for ease....let's say 15K opened applications last year. However, only 12K finished the application process or were considered a candidate. Now this year 12K open a file, and 11K complete, the numbers really have not changed in a big way regarding your chances. In this scenario, last year more opened the PCQ, but did not complete. This year less opened, but more followed through.
~ That is thing when people start saying things like this. 20% less applying is one thing, but for me I would rather hear that 20% less are not moving from applicant to candidate.
~~ That is the the reality. Applicant and candidate are 2 different things. If you said 20% less are being classified as candidate than that is huge.
I would also say that even if it dropped by 20%, you need to understand the MOC system and the SA appointment system.
Look at VA. The MOCs talk. They spread the wealth. 1 nom to 1 SA is all you can expect from the MOCs. They can have 500-700 applicants for 10 nominations. 20% less is still 400-550 applicants for 10 applicants.
You cannot get an appointment without a nomination.