I've had students express concerns about the job hunt in this questionable economy. The main piece of advice I can give is start looking early and network, network, network. Networking is a crucial part of any job search, especially when jobs may be in shorter supply than normal. If you're graduating in May '09, you should start your job search and networking now.
Get in touch with anyone who you think may be able to assist you or put you in touch with someone - your friends, your parents' friends, your friends' parents, aunts & uncles, professors, your neighbors at home, older siblings, former internship supervisors... you get the idea. Also join some professional organizations in career areas of interest, attend any networking events you can locate, conduct some informational interviews with professionals in your areas of interest.
Anything you can think of to establish contact with someone who may be able to help is worth trying. The average job search can take 3 to 6 months, but very possibly longer in a bad economy. Don't delay - get started now!