Sure could. Recession reduces revenues (fewer people can afford to fly) and increases costs (fuel, parts, labor, insurance, financing...).
Airlines do everything on a seniority basis, and the most recently hired people are laid off first.
So be prepared to think of a backup career. Fast Food is the first that comes to mind.
This is all common knowledge.
People have less of a disposable income in a recession. Load factors will be down and fuel prices will be up. Many major airlines are starting to contract our work or use regional service to cities where they can to keep costs down. You should be prepared that jobs in aviation are rarely stable. Enjoy your new job, but save money. You should be at least 3 months ahead on all your bills at all times when you works in aviation just in case.