Very hard to give a general blanket answer because really everything is local. Even during the height of the last "nursing shortage", some states and local areas reported they were doing fine. When this current crisis passes (and it will), it is not clear what the landscape will look like across the board.
Case in point here in NYC we have had several hospitals close within the past three years (and another annouced today, St. Vincent's), each time sending hundreds of experienced nurses out into the trenches, and the closings may not be over.
When an experienced nurse moves to another hospital she may have to take a lower wage and or loose certain benefits. This added to how long it takes her to find another position may mean having to work that much longer to get back to where she once was professionally and financially.
To this we have hundreds of newly licensed RNs coming out of nursing programs
, and more coming as the media hypes nursing as a "recession proof' career choice.
All this means locally there are quite allot of nurses chasing not that many hospital openings. Nursing homes here are either closing or transforming into LTC centers, so that avenue should at least help with new hires, not everyone wants to work in such places.
Finally there is a new fly in the ointment in terms of "ObamaCare" and how it shakes up the healthcare landscape. In theory it should increase the need for nurses, but where and how those nurses will be deployed isn't totally clear. Hospitals are going to take a big hit in terms of Medicare/Medicaid reimbursements, and more may come down the line. Add to this insurance companies may "adjust" their payments as well to the new reality on the ground.
Advice given upthread is quite good. If you want to become a nurse out of personal desire and or satisfaction, then by all means stick to your guns. However if you need to count on earning a wage right out of school, then you *might* want to give some serious thought.