For someone asking after the US job market, you showed a slight lack of awareness of it - you asked your question on a federal holiday (Independence Day) when most Americans would likely not be reading the Saloon. Granted, I can't speak for everyone, but I've really not been fully reading here since Thursday evening (July 3rd).
I don't know how it is for H1's. I do know that the market's tighter at the moment in general due to the financial situation, and based on my understanding of the visa laws, a company that wants to hire a visa worker has to prove (theoretically) that they can't find a similarly skilled citizen/green-card employee. That might be a bit tougher at the moment during the recession that the US is in, but you might get a more certain answer from other H1 holders.
Theodore Jonathan Casser
SCJP/SCSNI/SCBCD/SCWCD/SCDJWS/SCMAD/SCEA/MCTS/MCPD... and so many more letters than you can shake a stick at!