You're right that the orange man has been a big factor, but not because of his effect on the stock market. The stock market isn't the economy, and most Econ PhDs are not working on modeling stock prices.

As the article indicates, a huge portion of the market for hiring PhDs is directly or indirectly dependent on federal funding. Universities are freezing hiring and reducing PhD cohort sizes, institutions like the IMF and World Bank are in crisis, and US government agencies have been reducing staff sizes. There was hope that the tech industry would provide another big source of jobs for PhD economists, but that hasn't panned out.

Source: the article, and my wife works in the UChicago economics department.