I don't have an answer to your question but I am in that situation. I graduated a year ago and managed to land a five-month contract with the company I previously did my internship with. However, they couldn't offer me a permanent position because the company has no money. Since then, I have struggled to find work - there really is nothing out there.
I recently had a colleague from the UK here in the States visiting. He is a former executive with Ford Motor Company and had responsabilities in human resources and finance. He was sharing with me that the biggest problem facing the UK at this time are university graduates who can't get a job. There simply isn't any work. And, what work there is has far too many applicants, most with no experience because they have been full time students. Many simply return home and become "couch potato's", as he calls them. Here in the States, students are facing some of the same concerns. As the father of two kids in college, I too am concerned for their future.