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The phrase "a cutback" is correct and usable in written English.
It can be used to refer to a reduction in spending, services, or production, often in a business or economic context.
Example: "Due to the financial crisis, the company announced a cutback in its workforce."
Alternatives: "a reduction" or "a decrease".
Exact(55)
How's this for a cutback?
That's a cutback of 32 percent.
And there was at least one sign of a cutback.
In this connection, I am not suggesting a cutback in military or defense expenditures.
The net effect appears to have been a relocation and reorganisation of production, not a cutback.
As a result, the running backs didn't have a cutback lane.
Soon afterwards Sahra Wagenknecht of the far-left Linke, accused him of being a "cutback Taliban".
One of the most notable was a cutback in routes to save money.
A cutback in consumer spending and a slumping housing market have complicated his restructuring efforts.
From that corner, a cutback eventually finds Gomez eight yards from goal.
That could force a cutback in the number of people covered because the money won't go as far.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com