I had trouble deciding at the start, but I sort of just said "screw it" and went with physics. I knew Chemistry fed into Med programs and that it was more competitive in some ways, not in others. I knew engineering would lead to more employability. But I didn't care.
I want to be a physicist. I don't mind scrapping the bottom of the barrel for jobs. I don't mind living on >30,000 a year even after I get a PhD.
It depends on a few factors.
Are you willing to attend graduate school?
Do you want to settle and have a family in a timely manner (ie not at 35-40)?
Are you willing to relocate completely?
Are you willing to network and really bust yourself looking for jobs?
What do you enjoy more?
Yes, doing what you love can be wonderful, but at the same time, your home life must be what you want as well. If you're someone who wants to get the 4-year degree, get a job, snag a spouse, buy a house and have babies-- the physics track may be more difficult. Certainly not impossible. It just may take a few more years to get things rolling.
Engineering on the other hand, makes you someone with a SKILL at the time of graduation. Think of it as an extremely difficult trade school. You graduated and you're employable as is (more or less).
With physics or chemistry, all you know how to do is physics or chemistry. Which is great, but you'll need to develop employable skill sets. Or continue your education somehow (graduate school, another time investment).
Additionally, what field of physics or chemistry also changes your employability. There is always a need for material scientists. Not as much need for theoretical pursuits (ie more competition).
Also, this article is wonderful. I've read it many times and it cleared up quite a bit. ZapperZ is sure to be around here somewhere... So let me be clear and state this is his work:
https://docs.google.com/document/pub?id=1KBovBeg_kl6nAk8fTBYQdHMo8o3o0IgunPE3R7_OEHM&pli=1Cheers