I would disagree with that. Your company probably has a hiring freeze at the moment. You are not competing with external people. If you are a crucial person to your company, you are actually in a decent position to get an increase. If you are not crucial, you are on the list for the second round.
No way, increasing compensation for current employees was difficult even when the market was hot. I'm not buying that the companies with hiring freezes are giving out raises (certainly not more raises than before).
