The aerospace engineering job outlook worldwide is in general rosy.
The problem, of course, is that you don’t live or work in general. You live and work quite specifically.
You are named [insert name], have been trained as a [insert discipline or skill set], and live in [insert location] in [insert country].
So just how rosy the aerospace engineering job outlook really is depends entirely on who you are, what you are, where you are, and how mobile you are.
If you have one of the Big Three Skills (stress, systems, software – I discuss this a but further here), and live in the US, UK, France, Germany, Spain, Canada, China, Japan, or Brazil . . . . . . the aerospace engineering job outlook really is quite rosy. (Although even then, you may have to move town within said country to maximize your opportunities.) Most aerospace firms worldwide are screaming for experienced engineers in all three categories, and can’t find them.
If you have one of the Big Three in another country, the outlook is not as rosy, but still not bad. (India is a special case – see here.)
If your skill set lies outside the Big Three, the aerospace engineering job outlook is NOT especially rosy, nor is it terrible. You will have a hard time finding what you want, although if/when you do, the chances are fairly good that you’ll be able to keep it for a long time.
To optimize your personal aerospace engineering job outlook, get experience in at least one of the Big Three, and be as mobile as possible. Most aerospace firms know how to move work to where the workers are, but they still far prefer to have the workers move to where they are. You will gain more, both in terms of money and experience.
In time, I expect that situation to change to favour the workers, i.e. firms will quite willingly move all manner of work to wherever the best workers are located. But it’s a change that will, and is, happening slowly.