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The sooner you start looking for a job, the easier it will be. I'm not saying that you have to start looking the day your graduate, but it does help. Many college recruiter will hire during your last year of college/university and will negiotate a start date though. I had lot of friends who got jobs back last fall (in their last year of uni) and some haven't started yet. They have used that time to relax and travel.
I graduated in April, traveled until mid-June and started looking more insensely then. I started working late-July. I'm glad I had the time off to travel, but I'm glad I found a job quickly after that because it really really sucks being poor.
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