Companies may be slower to hire right now, but many will still need to bring on new employees. So, yes, absolutely keep reaching out to current contacts and try to make new contacts as well. Continue to apply for open jobs with the knowledge that responses from employers may be slower than normal. And remember, although the job market has changed in some regards, there are still opportunities for good candidates who practice job search fundamentals such as tailoring their resume and cover letter, developing new skills, and being purposeful about networking.