I went through this type scenario when I first graduated college in late 2000 during that mini recession. Field I majored in was hot right about up until I graduated, at which point I found myself competing with people with 10+ years experience for entry level jobs. I never was able to get in, I had to take an unrelated job, save up and go back to school. It worked out for me but there were some difficult and depressing times along the way.