Yes, the boom is over for a while at least.
As the cyclical nature of aviation it will pick up. My back of fag packet prediction FWIW is about 3+ years.
If you are just out of training and young then just be nothing more than frustrated. It will pick up and if the airlines etc keep their relationship with the FTO's then you will get the assessment when the market picks up and any rated experience jet pilots are absorbed back in the system.
Its more worrying for pilots in the turbo-prop/different type of flying category who historically airlines were not overly interested in. For example, anyone here (like i was) in the mid late noughties with Tprop time trying to get a job with an airline over a new integrated student. It rarely happened and i believe this will be the case again.