If anything, the trends outlined in this article have continued in the last 15 years, so it's truer now that it was then. The disparity between PhDs vs. faculty positions is illustrated in this graph:
(The last time this was posted here everyone complained about how the annual and cumulative scales are different and make the graph hard to read, so caveat emptor.)
Physics could be an outlier, as there is a non-academic career path for certain specialities. But these tend to be the more engineer-like specializations. If your passion is theoretical physics, your job prospects are probably limited to searching for academic roles, and that's a tough place to be these days.
http://www.nature.com/nbt/journal/v31/n10/fig_tab/nbt.2706_F...
(The last time this was posted here everyone complained about how the annual and cumulative scales are different and make the graph hard to read, so caveat emptor.)
Physics could be an outlier, as there is a non-academic career path for certain specialities. But these tend to be the more engineer-like specializations. If your passion is theoretical physics, your job prospects are probably limited to searching for academic roles, and that's a tough place to be these days.