“Where’d My Job Go?”

Michael Moses landed a job as a human-resources consultant in Chicago straight out of college.

He moved to the Windy City from New York, signed an apartment lease and was ready to work.

But then he got a call that more job hunters have been dreading — the company could no longer afford to hire him.

"I was ready to go, and they just pulled the carpet out from under my feet," says Mr. Moses, who is 22 years old.

At a time when hiring for college graduates is flat-lining and companies around the globe are downsizing, many twentysomethings are seeing their start dates pushed back and their job offers rescinded.

If you don't panic but do act fast, you can minimize your losses.