Very hard to give a general answer.
The cadet airline pilot market seems to be showing an improvement, with a few airlines increasing their requirements from this source. Obviously the launch of the BA FPP scheme being the most notable recent example. Nevertheless it still a patchy picture, with many companies still reporting very difficult trading conditions and the threat of further cutbacks, nevermind additional recruitment.
Further up the ladder, there has been recent recruitment from BA, Virgin and a few other companies which also has a trickle down effect further down the food chain. That is tempered with the same cautionary note about the patchy state of the industry. Airlines seeking to reduce their numbers may take advantage of the limited upward movement to reduce their own requirements, rather than recruit themselves.
The middle east remains a strong source of "experienced pilot" recruitment, although this is targetted across a global market rather than a specific local market. Added to the previously mentioned fundamentals, it should be having a limited trickle down factor, but even then, some of that movement is being replaced at the cadet entry level, or indeed not at all.
The parlous state of the general economy coupled with very weak yields, high relative fuel prices, and a pervading lack of confidence, is likely to result in a continuing patchy picture and weak demand through 2012, although everybody hopes things will improve.
At the entry level and General aviation, the economy is likely to still be the driving factor. Somebody will be able to provide a better picture of what is happening in those markets.