Interesting dichotomy between this report and the still bullish outlook for college grads and structured internships:
Good News for Grads: Corporate Recruiting Still Strong
I'm not sure what to make of it, other than perhaps the less-skilled end of the spectrum is suffering more than the highly qualified (or soon to be highly qualified). Internships for high-end companies that recruit new grads are a key part of their hiring process and won't go away unless the overall hiring outlook dims.
By contrast, the need for seasonal workers or more casual interns is going to be related to how busy an onrganization is.