Are Job Adverts For Students Who Are Still In Degree And Fresh Graduates Usually Dead At Year-end?

The first half of January is usually dead for advertising of jobs (graduate and co-op programs) and the week or so before Christmas and between Christmas and New Years are also very quiet for advertising. Is this true?
Combined with the on-going global recession, it is going to be difficult for new graduates or current students to find jobs? I’m currently on my second year of degree majoring in Finance and going to do my co-op work experience on my third year which is next year so I was wondering if things could get any worst than this, or just a temporary situation? Would I be able to find co-op positions (jobs)?
Is this true?