I had a lot of difficultly finding a job when I graduated post-secondary in 2003. I think there are more jobs available today, but an important factor I didn't originally consider is where are the jobs located? For someone willing to move anywhere in the country, there are jobs available. But I wanted to work close to home, and there are very few jobs in my area. Most computing jobs are at least an hour away from my home, and I'd rather not spend 2-3 hours of my day sitting in traffic.
For the past five months I've been working as an analyst. I get to do a small amount of programming, which suits me fine. Most of my day is spent in Excel and Macola (ERP system). I also get to spend some time on the production floor (manufacturing company). I like the variety, and I like the drive (8-12 minutes each way).
To make this long story short, studying programming is not a complete waste of time, but be open to considering jobs where you don't write code every hour of every day.