I finished my undergrad in May 2008. Although my sense is that my cohort just about caught the end of the boom, things were far less pleasant for the year behind us. Certainly the gap in employment opportunities between '07 and '09 was large. Future generations will want to know how large.
Care of the Institute for Social Research, there is now data that can quantify these effects. Transition into Adulthood is a longitudinal survey from childhood through adulthood, and a new wave capturing the effects of 2008 has just been released:
Transition into Adulthood (TA) (release 1): 2011
The preliminary 2011 Transition into Adulthood data file (TA-2011) is now available.
This data file represents the fourth wave of the Transition into Adulthood Study (TA) which was introduced in 2005 to capture data on the developmental pathways and outcomes of children who participated in the PSID Child Development Study as they transitioned into young adulthood. This study fills a gap between detailed information about development up through adolescence, and detailed information on adulthood once PSID panel members assume the role of economic independence as heads and spouses in the main study. The module collects data on health and emotional well-being, time use, community involvement, self identity and perception, expectations for the future, family, peer, and romantic relationships, work, schooling, and more. The interview domains are coordinated with the CDS adolescent measures and the PSID employment and health measures, and additionally provide new questions unique to this developmental stage.