Right now. I think many airlines - North America and Europe - will be stopping any hiring, and will be (already) putting a lot of pilots on the streets. I have no numbers for Europe, but I think some 3,500-4,000 total are being put on layoff, or about to be, in the USA at the present time.
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Have you heard the banking news since last Friday in Europe - Looks like the spectacular "financial problems" with banks in the USA is having a direct effect with European banks, in UK, Germany and Benelux. When "business" is not going too well, people do not travel as much. The Footsie, the DAX, the CAC40 are as good indicators as to future airline hiring plans... So, watch-out in Europe, next month might bring further bad news again for pilot openings.
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If you are about to get your pilot licence, or just got it recently, and still hope to get an airline interview soon, I would suggest you to consider alternatives to your plans. Consider qualifying as C-152 PPL flight instructor, next spring, rather than that A-320 F/O job you were "100% sure to get" next week.
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Happy contrails