In 1965, at the end of the Council, there were 58,000 priests. Now there are 41,000. By 2020, if present trends continue (and there is no sign of a dramatic upsurge in vocations), there will be only 31,000 priests
State of the US Catholic Church
Albeit slowly... but not as slowly as it would appear. Presumably the decline of priests follows the same power law as everything else. Right now the decline is gradual, but as the average age inches up, the drop-off rate will increase sharply, and the renewal rate will presumably go down as there are less priests to create converts.
On the other hand, the Catholic priesthood has such a bad reputation, maybe getting rid of them will help the Catholic faith.