It was bad in 1991.
I got my BCPL and AFI rating - and luckily got a job by the skin of my teeth at the end of the course!
Five years of nothing in commercial aviation then the jobs came.
Be prepared for a long wait if the recession hits the industry as forecast.
Times were very hard - but all those (in my experience) who weathered the storm are Captains on jets now. Plan medium to long-term.
But that's life - a roller coaster of a ride in all respects.
FOK