I just graduated 2 weeks ago. There is so much to learn of what is useful, and feels like very little time to do it. Getting proficient with a language that is up and coming (Golang has been my choice lately), and then follow it up with an idea super hot today (machine learning, big data?).
This will have a pretty bad effect on the company's morale. Depending on how long this layoff occurs for (1 month vs 1 year), everyone will feel extremely uneasy going into work knowing today's possibly the last day.