friend is a IT PM he said 300-400 applications for every vacancy.... he has just landed a permie job, 6 figures....so there IS work out there, but it depends on your experience, willingness to travel etc. etc.
I work in IT and it is indeed dire - a recent contractor job on a low rate in London had 400 applicants.. I think it will be worse for PMs as a lot of projects are being cancelled due to lack of cap ex and other cut backs.. sorry to be so negative. bit as blackduck says there are jobs out there... no reason why he can not be the one to get it.
personally though I would not wait until new year to start looking.. start now!!