I was referring specifically to the academic job market, which is about as bad as it has ever been. In humanities disciplines, there are hundreds more graduates than jobs every year.
Now we have hit equilibrium, and there isn't demand for people who study Foucault, Jung, or build a career around authors from 1850-1950 anymore. The gig is up, and graduating from anything other than a the most famous names just want get you a job anymore.
Not 'good' or 'bad', but certainly 'is', for better or worse.