the last recession
I started TREing in the late 1990s and I was absolutely amazed at the number of First Officers doing their initial LSTs who had been waiting for an airline job for up to 10 years! They had qualified in the late 80s during the previous recruitment boom that had been led by BA, but sadly had not found work with an airline during that time.
Unfortunately, when eventually, normal recruitment starts once more, those out of work the longest get taken on last. WWW has been spot on for years and it is difficult not to be extremely pessimistic about the employment prospects of those recently qualified pilots who have not yet found work.
The low cost airlines have very narrow recruitment criteria and it would be wise for those not meeting the requirements, ie; enough money for a TR and the ability to instantly relocate, to give aviation a miss.
Aviation has always been cyclical and if you're not ready to drop everything at the right point in the cycle, at the right age and in the right place, then aviation ain't for you, no matter how badly you want it. The industry calls the shots, not the individual....in fact there's no place in this industry for individuals, we're all just cogs in the machine!
Bealzebubs posts hit the nail on the head!!