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Nerdboy
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I was at in event in Lausanne where I happened to meet the head of career services for IMD. When I asked how things were shaping up for their December grads, she replied, "They aren't happy."

She also mentioned that all applicants to the class of 2009 were told repeatedly that they should really look inside themselves to see if they want to leave their jobs in such an uncertain times. I guess they are setting expectations early. Unfortunately for my class in St. Gallen, we started just a few weeks before the economy blew up.

Times are definitely tough. If you have a good job in industry you should really reflect on if this is the right time to leave.