I am about to graduate college and start the job hunt. Should I be especially concerned about a potential dearth in entry level roles over the next 6-12 months?
You don't have to outrun the bear (market), you just have to outrun your friends. If you can bring your A game, than you have nothing to worry about. Starting salary may be lower, so you will probably have to aggressively move on to the next company once the hiring market improves.
Graduates also have the advantage that they’re relatively cheap to hire.