Can we use the adjective insanely to describe a condition which is extremely bad?.
Example: Job market is insanely bad.
Native English speakers will often use adjectives to describe something such as a job market that you wouldn't initially expect. This is more of a colloquialism than hard truth, and is also more informal.
In the example given, Insanely does make perfect sense to describe a bad job market - the underlying tone being that the job market is so bad that it could / would drive one insane.
Alternatives to the same affect:
The Job market is utterly terrible
The Job market is god awful
The Job market is crazy
The Job market is crazy bad
The Job market is extremely bad
The Job market is absurdly bad / job market is absurd.
Note that the word bad isn't always needed to get the point across that the job market is bad. You could just use a word that is inherently perceived as bad such as: 'the job market is crazy right now'
Try looking up synonyms for insanely under the meaning of madly or wildly for 100's more.