Nursing Layoffs, yet the schools are still cranking out students...I'm soon to grad

Wellmont Hospital system is laying off nurses, not doing much if any hiring and yet all the nursing schools are cranking out new grads, where are these new grads supposed to find jobs?? There is this thought with the public at large, that Nursing is recession proof and are in a mad rush to get into nursing school. Well I graduate in August from LPN school in East TN and my current employer is laying off nurses, techs, CNA's, etc. The ones who have not been laid off have had their hours cut.

I went from 2 days per week, to 1 day per week, and now I've been cut to 1 day every OTHER week or 2 days per month. And I'm one of the luck ones as many do not have jobs any longer.

Who is hiring these days? I graduate with 45 LPN's in August, there are 4 separate classes just with our school alone, there aren't that many nursing homes around here. Looks like I picked a bad day to go into nursing and to quit drinking (that last one was an "airplane" reference.

Tony