Is an MCSE or a CCNP degree more valuable to an employer?

With the economy the way it is, is it better to have a CCNP or MCSE certificate? I don't have time to complete both courses and I'm urgently seeking employment.

Depends on whether you want to be a Windows server/desktop (MCSE, though you should probably get into the MCTS and MCITP series instead; Windows Server 2008 is getting kind of old and outmoded) or a networking infrastructure guy (CCNP). Both are good certs, and highly regarded by employers, so you should let your interests dictate your choice and direction.