Purpose: The purpose of this study was to examine the supply of and demand for PhD-level rehabilitation counseling educators and researchers. Method: A national study was conducted using online survey to collect data. The participants comprised 128 educators and researchers. The analytical techniques included t-tests, measures of central tendency, and correlational analyses. Results: The findings show that 54.4% participants believed there is a shortage of PhD-level educators and researchers; however, only 14.3% felt optimistic regarding the employment out look for future PhD graduates. From the supply-side perspective, 141 doctorates were awarded during the four academic years from 2011-2012 through 2014-2015. Over the same period, there was a demand to fill 418 openings, albeit most not tenured or tenure-track positions. Conclusion: The tenuous link between supply and demand makes predicting this job market a challenge. The potential glut of PhD graduates is of concern and needs to be addressed.