As a newly graduated engineer, its essential that you get your career started at the right place. Now a days, with the messed up economy, experienced engineers are gettind fired and losing contracts. If an experienced engineer can't find a job, how can a newly graduated engineer, with no experience, survive in this crazy world?
Well, the answer is by hunting for jobs at the right time, and right place. Alot of engineering students don't start looking for a job until they are done with the final exams, and sitting in their moms basement. Everyone knows that the last year of engineering can be tough, and their is alot of stress on you to make sure you don't screw up on any of the courses, however one must also pay attention to their career! 
The best time to start looking for a job is the beginning of final year. All universities (atleast in north america) hold career days, where companies come to your campus to look for suitable canditates for open positions in their firms. They are coming to you to hire you! It cant get any better. Students who don't take advantage of career day are simply stupid. Career day is the best time to hand in your resume, introduce yourself to the company, and browse around to see what each company has to offer, all that just a couple of footsteps away from your lecture hall.
Once you have your resumes out, its time to do more research, and stalk the company you want to work for after graduation. Write an email, letting the representative of the company know that you enjoyed talking to them. Do more research on the company, look for projects they are working at, read company's history, all of this comes into play when you are called in for an interview.
One thing to remember is, always apply to more than one company. Alot of students just apply to one company and hope to get accepted, and then time goes by and they never get the interview call! Apply to as many companies as you can. When you are just starting out, as a newly graduated engineer, you can't be too picky.
hope it helps all the newly graduated engineers.