The rate of growth in jobs is slowing down. It might take a little longer to find the kind of work you want. In manufacturing, the number of jobs has been shrinking since April 1998. That's a problem that can't be blamed entirely on the economic slowdown. As for the techies fleeing the dot-bombs, plenty of companies are eager to recruit you.
Every industry needs better information technology.
Clueless managers desperately need employees who have been inducted into IT mysteries. If unemployment rises to 5 percent, the country would lose about 1 million jobs. Even then, you would enjoy a better job-hunting climate than existed in any year in the 1980s and most of the '90s. No one feels good after being dumped. The loudest boo-hooing seems to be coming from young people who saw their Internet gravy boats sink.