not many people get jobs in the field they majored in...at my school ~85% of engineers went on to hold non-engineering jobs (lots of consultants). Very few engineers overall go on to be design engineers.
IE is applicable on so many levels, I don't understand how your "friend" could say there aren't many positions available. If your looking for something specifically related to IE, there is anything from quality control to finance positions. If you want to look at things unrelated to to IE there are tons of opportunities.
I might be wrong on this, but I think during this recession demand for engineers did not go down (although I think that is a cumulative stat).
The opinion came from a ME major and they thought the demand for IE might be in places like the auto industry, which seems to be going down the sewer these days.