Not a bad time to start training?
I'm going to stick my neck out here a bit (always risky on pprune) and say that now would seem to be a bloody good time to train. From speaking to colleagues in different airlines there seems to be a lot of movement and a lot more competition for experienced, rated people which will progressively filter down to inexperienced, non-rated people. This is evidenced by the repeated and ongoing recruitment campaigns at several major airlines. Factor in the projected deliveries in Europe and ME alone over the next five years or so and you can see where this is going. I wouldn't say "shortage" but definitely expect improved prospects for those taking the plunge.
It is always difficult to land that first job at the airlines but certainly easier on a rising tide. For those who give it a go: good luck!