Purpose: The purpose of this paper is to explore the possible implications for graduate employability of the economic changes which are affecting the UK in the wake of the "credit crunch". It explores the changing economic context and its implications both for HEIs and for graduates starting their careers. Design/methodology/approach: The article uses current surveys and analysis of the graduate employment market, the labour market and the economy in general to identify and comment on possible trends and scenarios. Findings: There appear to be variations between general media coverage of "the state of the UK economy", which tend to emphasise bad news and survey data, which suggest that the outlook for graduate career prospects and employability remains reasonably strong. The article comments on the increasing connections between enterprise and employability which are being made by universities and summarises current developments in graduate employability and enterprising learning in order to assess how well-prepared graduates are for the emerging economic environment, and the associated implications for HEIs and educators. Practical implications: The article has practical implications for enterprise educators and careers and employability professionals within universities as well as for students. It recommends that graduates need a higher level of economic literacy in order to make informed career changes in the changing economic context. A proposal for further research to explore the topic is suggested. Originality/value: The article is intentionally speculative and aims to inform the discussion on the changing nature of graduate employability and enterprise in the context of rapid economic changes. (Contains 1 table.)