It is becoming difficult, especially in most of the western world where economic and budget cuts are rampant. However, this isn't true elsewhere. I see a lot of Chinese physics PhDs, who used to stay in the US and Europe upon graduation, going back to China and gaining quite lucrative employment.
Secondly, the news article did not mention what this student majored or specialized in. I can point to you areas of physics in which we are SEEKING graduates (accelerator physics, detector physics, for examples). I've stated this many times before: what you majored in, what you have expertise in, and what you have skills in, all contribute very significantly in your "employability".
When I was in graduate school, a more junior physics graduate student hanged himself in his dorm room. People were quick to guess that it was a rigor and stress studying for the qualifying exam. No one is denying that there is such a stress, but we don't see massive suicides among all the students studying for such tests throughout the years. So it can't be simply due to that, and it wasn't. He had other issues.
The same goes here. We shouldn't trivialize this situation as simply him not being able to find a job. There are a lot of others in similar situation that did not take their lives.
Zz.