This is my opinion only. It is based on previous downturns and what the guys at BALPA were saying.
Low cost airlines are still recruiting. However, only type rated need apply. (+ have relevant experience)
Spring 2002. Some recruiting for some companies. Will start to absorb those guys not already snapped up by the low costers. Prob min 1500 hours and airline/turbine experience.
Late 2002. May see low houred guys get recruited.
2003. Low houred guys selected.
May think about cadetships/sponsorships from then on.
It really depends on how the travelling public feel about aviation and can they afford that holiday at the moment.
Keep your ear to the ground. Read PPRuNe, read Flight International. Take any flying/aviation job you can get. (Don't prostitute yourself though)
Aviation is cyclical. This sort of thing happens every 10 years or so.
[ 03 December 2001: Message edited by: redsnail ]