According to figures released by the Association of Graduate Recruiters today, there are on average 48 applicants for each vacancy for students leaving university this year.
The findings of the group's study also point to starting salaries being frozen at £25,000, and the situation is unlikely to improve in 2010.
But according to chief executive Carl Gilleard firms are not abandoning their graduate recruitment schemes and are likely to start rehiring "at the first sign of an upturn in the economy".
Without wanting to sound callous, what a fantastic opportunity for the procurement profession.
Rather than waiting for the start of the upturn, why not launch your graduate campaign right now? With more candidates available and less competition from your rivals it is a great chance to steal a march on your rivals, as well as winning some positive publicity.
Even if jobs can't be offered immediately, introducing graduates to the profession and your business will give you an advantage when your recruitment budget is reopened.