Yeah I feel the pain too Alero. I graduate in April from Engineering. Here in Canada the situation is worse. Most Canadian firms generate a large portion of their revenue from American corporations or through exporting products. Everyone is feeling the pain because of the dollar, plus the 'recession'.
There are about 1.5K engineering grads this year from my school (Waterloo), and the only people still hiring are tech and oil firms. The civil and mechanical engineers here are up **** creek. The business students are the worst off in my opinion. I have only seen 10 or 20 postings for them.