There are reports in the Google Web Search Help forum that Google Alerts is not functioning as it was last year.

Searchers are saying they are getting much fewer search notifications from Google Alerts than they were months prior. One user said:

Many other users chimed in agreeing that there appears to be an issue. Google has not confirmed the issue but Kousha N. from Google responded last night saying:

Have you noticed issue?

Forum discussion at Google Web Search Help.