From everything I've read, the engineering discipline you are in is what matters in terms of rise or decline.
If you have or can get a TS clearance, you can find work as an EE fairly easily. People with this specific addition to their resume can be scooped up pretty fast.
The downside right now for engineers is that so many companies have either figured out or are starting to figure out that many of thier engineering projects can be handled by outsourcing. That even includes some aerospace engineering, of all things. It is always about the bottom line. Mangement looks at the triple constraint always and 'cost' is, of the three, THE biggest consideration. Even at reduced quality, which you've probably noticed by now.
An engineer in India will work at half your salary, sometimes less than half. And they'll work longer hours for it. That's incredibly appealing to the bean counters. Not long ago if you were a software engineer you could be sitting fat. They found out starting around 2002 that they were easily dismissed, by the thousands in fact, in favor of outsourcing.
This is not going away. In management these days, a lot of emphasis is placed on dealing with non-collocated teams. That ought to tell you something. As an engineer, think of yourself as an itenerant fruit picker and be ready and able to move to where the industries are 'hot'. You're not alone. A lot of engineers are out of work, many with Master's degrees. If you can't find work, look into teaching. College's don't really care if thier students ever find work, they're also more interested in the bottom line ( increasing student enrollment = more $$$ ).