It looks like Emory is closing down its graduate program in Spanish. I have always thought of Emory as a reasonably strong program in my field, so this comes as a surprise, though the administration is shutting down whole departments as well. I know Northwestern also stopped giving graduate degrees in Spanish a few years ago. I won't gossip further until I have better information.
Of course, not every university should be giving a PhD in every field, but it is still possible to get tenure track jobs with a Spanish PhD from a strong program. My department still have virtually 100% rate of placement, for example.