Is the US job market so bad these days?

I have over eight years exp as an Oracle DBA. Recently I got a good job offer and also got my H-1B. But now I am on WAIT. I have been told that the US market is in a big slump. Is it really that bad? Can anyone presently in the US of A shed some light on this.
Sometimes I feel that all this effort put in to get to the USA and all those dollar dreams are just a big waste. When will the situation get better?