In December, the projected decrease in college graduate hiring was projected to decrease by 8%. The latest numbers show a 22% decrease nation wide, a 38% drop in the northeast and a 31% drop on the west coast.
What can you do about it:

Create a well thought out job plan which identifies a wide range of job goals as well as targeting those industries and companies that ARE hiring.
Determine what skills you will need for your long term goal and think about what jobs you can get to develop those skills. (Even waiting tables will help you develop the ability to work under pressure and to manage multiple priorities.)
Revisit your plan every two weeks: what are you missing? what else can you do?

The goal is to move forward.