In response to "no Germanists seem to be popping up" ... I was a double German and Spanish major in college and would've LOVED to continue studying German, but I was advised against it by every advisor, professor, or otherwise that I talked to because of the job market. (Yes, this includes my wonderful German profs.)
It was a hard decision, but I ultimately did not apply to German programs. Maybe a lot of others are in this boat, too?
No offense, but I'm not certain that this is a terribly strong argument when one considers it as an argument for teaching positions in one foreign language as opposed to those in another. In terms of theorists and authors circulating in continental philosophy, film studies, comp. lit, etc., I haven't really seen a substantial pick-up in Spanish theorists or authors, whereas Marx, Nietzsche, Hegel, Freud, Kant, Weber, Schmitt, Heidegger, Gadamer, Benjamin, Adorno, Habermas, etc. (not to mention the countless German literary authors) still rule the day.
Spanish as an actual academic discipline and not just a foreign language pedagogy program got almost no love from anywhere until quite recently, and I suspect that the mercurial winds of ignorance and enforced monolingualism in the cultural politics of American higher education will deflate those sails just as swiftly. Further, I think that it would be a resoundingly poor idea to try and pursue any degree in the humanities with an eye towards a "more favorable" job market, so if what you're really concerned about is getting a job at the end, why not just get an MBA?
In short, to play a little game with the response to his own (premature) obituary from perhaps the best known enemy of the German language: "Die Berichte über das Ableben der deutschen Sprache sind stark übertrieben."
Now watch me not get a job