It is a very stressful and awful situation. As a 2020 graduate, here is my experience and view on this.
My girlfriend and I graduated this year from the same university. She had done her placement year at a small, award-winning publishing house in July 2018-19, and she had received an offer of employment in Spring 2019 for her to come back as a graduate. Since then, as we were both finishing our final years of university, she did not need to worry and look for graduate jobs. This meant she could focus purely on her coursework (she went on to achieve the best result in her year and won two monetary awards!).
In the mean time as we were finishing university, I secured my PhD and we made plans to move to her city of work since she would had been the primary earner primary earner who is out the house more often than me. In February 2020, I found out that I had been awarded a scholarship, and we signed a housing contract for July 2020-21.
All of this happiness got flipped on its head after the economy shut down.
Her start date got delayed from start of July to start of September, but we had hoped that the company simply needed recovery time to adjust to the new normal. We had properly settled in and enjoyed this weird summer as much as we could; we even got a cat together. We made many plans for the next year as well like learning to drive, buying a car, and going on holiday.
Two weeks before her starting date (and right before her birthday!), she found out that the employer has been hit hard by the shutdown therefore they had to rescind their offer to her. As this occured at the end of August, she did not have time to apply for any sort of 'panic' Masters course due to universities starting up and it would feel very rushed.
So that's the crappy situation we are in right now as graduates who thought we would finally be free of being broke students.
She has effectively been reset to looking for a new job AFTER she graduated, as opposed to looking for one throughout her final year and making backup plans. She has not only applied to jobs since, but also emailed her CV to employers she likes the look of, but a lot of them are not hiring at the moment, and her work sector is fairly scarce in the city we live in compared to London. She does not have the luxury of coming back and living with her parents like many do because she still needs to pay the rent here, and the parents are both shielding. We have been put in a difficult situation, and I may even have problems affording to commute in the first month.
In hindsight, we could had made better decisions, but as young people it's not like we have sufficient experience of the job market in order to determine how much it would be affected by these events. We could not predict things clearly.
The whole job market doesn't look too promising at the moment; it was hard enough to get a secure job you want before this whole pandemic, and now it feels 1000x worse. This is happening to many others hence making the demand for jobs grow, whereas employers have had to go in the opposite direction by pulling back on jobs/salaries. To hear that it will get even worse generally is very disheartening. It is pure luck that I got a scholarship and can support us for now, even if that means we cannot afford any luxuries. We are trying to stay positive, and can only hope the situation improves for everyone.