Decades ago, I graduated into a tough job market. I had a university degree in accounting and about two years of relevant working experience. I managed to land a job to pay the rent upon graduating and six months later, I used that job to get a better job (entry positions are called that for a reason, you're not supposed to stay there).
How did I do that?
I was prepared. I had my resume polished and waiting since my last work experience. Even today, I always keep it updated. You never know who might ask for it.
I started early in the job search. About three months before graduating. Sounds early but getting an office job takes at least a month from the time you apply. It is a LONG process.
I was flexible. I preferred to work in the big smoke (where the boyfriend/now hubby lived) but I could have worked anywhere. I preferred to work in the accounting field but I looked at every office job.
I swallowed my pride. The job I did land was receptionist/LAN administrator/bookkeeper/salesgal/coffee maker for a small, small company.
I applied for everything. To get that first job, I sent out over 800 resumes (after 800, I stopped counting). I'd send it to anyone and everyone I knew. I'd ask the bus driver if he knew of any openings (seriously). I'd haunt the different daily papers. I was listed with multiple recruiters (though they weren't helpful because they prefer to place folks who are already working). Since this was pre-email friendly days, I had to fax most of the applications. I tweaked the cover letter for each application, addressing all the "wants" in the ad. Getting that first job was a full time job.
When I was interviewed, I was also flexible. Start date tomorrow? Sure. It involved a bit of a commute? Sure. Overtime required? Okay.
Sounds like a lot, right? But remember that no one says you have to stop looking after you land a job (I didn't) and it is much easier getting a job once you have a job.
For more ideas, see Scoble's post on what to do if you're laid off.