As is frequently said, you never have a second chance to make a first impression. So, as color is a vital part of the first impression, it is important to get the color right.
First, look at the industry that interests you the most and wear colors that are appropriate for that business. For example, a conservative industry, such as banking, accounting, or law, will pay more attention to an applicant in a conservative power color like True Blue or Charcoal Gray. You'll simply look more credible in those colors and that is the message businesses want to broadcast to clients.
If you are looking for a job in a glamor industry, women can and should wear trendy colors to accent more basic colors, like black, so you let them know that you are aware of the latest trends. Men can bring interesting trend colors into shirts and ties, or they can look very GQ in all black.
What you don't want to do is wear something out of an old Mafioso movie or too fashion-forward for banking, insurance, accounting, and law firms.
If you are one of many applicants, and chances are you will be, try to make yourself memorable by using a conversation piece for color - a piece of jewelry, a scarf, or a really wonderful suggestion of color around the face, as you will be seated and the interviewer will see you only from the waist up.