As above; it really depends on the area. Examples:
Media
My gf is finished college a month now and has been applying left right and center for jobs (media/journalism related) with no luck despite being in line for a first class honors degree from DCU... shes even offered to work for free in several local papers for a few weeks in the summer to garner experience and contacts... they wouldnt even take her on for free!! She has a savage CV, great references, excellent job track record etc... but she has been having 0% luck.
Finance/Accounting
Personally im doing an Accounting and Finance degree and despite still having one year left, I feel very confident in my prospects. I got offered my summer internship (top 10 firm) on the basis of one email... no interview even! Having spoken to many recent graduates and current graduates in my place of work i've found lots of success stories with many of them having plenty of choice regarding employers. So in this respect it's the flip side.
Pharma
I was speaking to friend recently, a pharma recruitment specialist and she says that pharma grads are finding it tough as many companies have closed which has bloated candidate supply. In addition that all important experience is getting harder to acquire.
Obviously these comments are only my limited experience. But I feel that the original question is highly dependent on persons specialisms, grades, experience and character. In addition; naturally the location of the graduate is important too... my gf could probably get a job sooner if she sought dublin; but since she's looking west/midlands it is naturally much tougher!
BTW: If anyone happens to run a local paper (particularly west of ireland/midlands) and is interested in a summer intern, trainee journalist or freelance contributor please let me know! Thanks!