IT grad looking for a job

Look towards the Dallas/Ft Worth market, especially if you know Java. jrdbrn is right, the IT market is oversaturated, but companies are still looking for bright individuals. Your edge will be whether or not you can understand and come up with solutions for interesting problems.

While you are looking for a position, might I recommend two books? Programming Pearls and The Practice of Programming will serve you well as both an insight into thinking beyond the textbook and an understanding of what developers of serious products need to understand.