I started this thread in order to gain information about the future of the engineering profession by asking professional engineers their opinion, not so much about what recent graduates need to do in order to land an entry-level job (since that topic has been covered many a times), but instead:
since companies are continually trying to reduce costs by outsourcing jobs (entry-level), which in turn creates experienced workers giving companies a reason to opt for more H1B visa workers, U.S. engineers, both experienced and unexperienced will eventually be replaced (yes, no, maybe).
I can't blame companies for trying to reduce costs, nor am I angry at H1B workers, but it leaves me wondering if engineering will continue to be a rewarding career or just an expensive hobby.
There was also a thread in this forum, back in 2004, related to the outsourcing of jobs (a little less than 5 years from now), I didn't see a problem of starting a new thread in order to talk about the next 5 years.
I've done searches on job websites (monster.com, indeed.com, careerbuilder.com...etc) for entry level engineering jobs and most searches return less than 500 matches. If the U.S. produces ~80,000 engineers annually (from kchan711's numbers) then the chances of an individual getting an entry level job is less than 1%(0.625%). Of course that's assuming all entry level jobs are posted through these sites to begin with.
I've considered moving, but I would think living in the silicon valley would give you better opportunities.
I was also considering going back to school, not for a Masters Degree, but some sort of vocational school where you can get hands on training working on projects.