Hey there,
Firstly, they're not that sisterly - one teaches you about the science and the science alone, the other trains you for a semi-vocational career utilising the science taught (the Pharmacy course is 40% Pharmacology after all). The jobs at the end couldn't be more different! Pharmacy is more patient care-based, Pharmacology will lead you into career in research (although you may need an Msc and even a PhD to get a good position).
I'd go with Pharmacy (in fact, am currently going with Pharmacy haha) as there's always a place and job for a pharmacist in society, no matter where or when you go in life. It's a skill set you'll always have to your name. The fact that there are fewer jobs for Pharmacy atm shouldn't be held as an indication of the future - we're in a recession and jobs in any sector are scarce! So what if Pharmacy job prospects have dropped? So have every other subject's (and probably only by a minute amount). If you were to draw a comparison between a Pharmacy grad's job prospects, and a Pharmacologist's, Pharmacy would still exceed by a long shot due to the nature of the degree.
Even though prospects for pharmacists aren't at all all time high, they're a damn side brighter than someone studying pure Pharmacology...the 5 year Pharmacy course trains and gears the student towards becoming a Pharmacist, and is very specialised and sought after; a Bsc in Pharmacology is 3 year course studying a particular aspect of Biochemistry and is not tailored around any job. You just gotta hope that you find a Pharmacology-related job amid all the other 1000s of Pharmacology, Biocehmistry, Biomed, and Pharmaceutical Science graduates who are all trying to do the same!
Not only this, but the skills learned in Pharmacy are more transferable than pure Pharmacology - you gain experience in patient care, some aspects of law, and receive CPD throughout your career as a pharmacist - meaning you can work in a hospital setting, in industry, or even in business. This makes a pharmacist more valuable to employers than someone with a Bsc in Pharmacology. If you can 't get a job as a pharmacist, you can definitely get one in some other field because of the degree.
Maybe also keep in mind the 'graduate employment rates' for both subjects - just because Pharmacologists get jobs, it doesnt mean they get good jobs. The rates don't tell you what jobs they end up doing, or their wage, or where they can go with their career. Maybe take a deeper look into what a typical Pharmacologist and Pharmacist would do in their day-to-day and see which suits you best.
Soz for the essay. I believe that the problems in the Pharmacy job market are but a reflection of the current economic climate. If you googled rates for any subject you'll probably get a similar % decrease, so don't let that put you off the course if it's something youre genuinely interested in. Hope I helped!