It's not fully over I don't think. I'm graduating from college in a few months and most of my peers have had a lot of trouble finding jobs. It's gotten so bad that even now employer recruiting sessions (the few that still come to campus) are packed to the brim with desperate job-seekers.
So while the catastrophic part is over, we're still not quite up to normal yet.
On the flip side, a lot of my peers are also still holding out for highly-paid positions at financial firms and consultancies (these are engineering majors). Both are suffering worse than the rest of 'em...
Hang in there. Graduate recruiting is cyclical and has lag, which are combining right now to make for tough conditions for milk-round applicants. If you dont get what you want now then start targeting the off cycle recruiting processes as as soon as you hear of their markets picking up. Once these companies see conditions improving they will be scrambling to hire all the people that they were no-so-long-ago scared to hire...
(Companies doing milkround recruiting (i.e. large companies, including consultancies and banks) typically set their targets for # of hires in advance of milkround cycle starting. (In my experience, this would mean setting numbers in September for the cycle that is 'on campus' in Dec-Feb). So it's no wonder they are down - they set numbers when everyone was very scared.)
So while the catastrophic part is over, we're still not quite up to normal yet.
On the flip side, a lot of my peers are also still holding out for highly-paid positions at financial firms and consultancies (these are engineering majors). Both are suffering worse than the rest of 'em...