Dizzy - It isn't bleak at all - there are jobs out there. The problem in my view is that there is a bread of integrated student who believes that they can leave flight school and walk straight into the RHS of a narrowbody jet aircraft; nothing more, nothing less; and only a Boeing or Airbus will do. There is absolutely nothing wrong with this way, but what winds me up is the fact that there is the belief that anything less is inferior.
In fact in my short time in the industry I have overheard conversations between integrated students complaining that they don't want to fly for Airline x because they fly to places that are are relatively unheard of, even though they fly Airbus'. Others who get offered jobs on a tp but turn them down because its 'only a tp and they only fly a few routes.'
Practically speaking this is the route many integrated and also modular students now take. However, it is not the only route. There, is instructing, banner flying, para dropping, air taxi, air charter, biz jets, just to name a few. Once hours and experience have been built you can climb the ladder and progress to the narrowbody and beyond.
Just because one person hasn't gone the direct entry jet route doesn't mean the situation is bleak. It means that they may have to find another route to fulfil your ambition.
The key to job hunting is also to network. Somebody somewhere knows somebody who can help you. A CV put on the right desk from the inside is better than the CV landing on the same desk through the post !