Pilot hiring
Yeah, it's been worse, a few times. The times I know best are the late-'80s-early-'90s, when I was trying. Hiring was going great guns at least from 1987. Then, that boom ground to a halt beginning in the summer of 1990; ironically, when I had my first interview.
I remember on that day how there was so much buzz about hiring stopping everywhere. That was the day after Iraq invaded Kuwait. I've read since that the early-'90s recession had begun. There was a little hiring here, a little hiring there, but commuter hiring ground to a halt in mid-1991. Factor in the Eastern and Pan Am shutdowns and those pilots competing for both jobs at the majors and commuter jobs. Hiring really didn't recover until maybe 1995. And, of course, the brakes has been put on that boom. Similar circumstances to 1991, if you view it that way.
There's always some hiring. You just don't see massive hiring booms that often. It's either big time feast or big time famine.