Isn't getting a college degree actually making you more selective, too, leading graduates to pass on jobs they would otherwise have taken?
But note the article also points out "Of the new grads who do have jobs, about 41% are underemployed, working roles that never required a degree in the first place."
So while I'd assume that yes, some graduates are more selective (as they should be, as they usually need to pay off student loans), a huge number of them are taking jobs that don't require their degrees.
I've known a few college graduates who have come up in this market. From what I see, the common pattern is to try and get a position in your field for 3-10 months. Somewhere in that time range, they burn out. Then they apply for something field related for a few months. Then anything. Once they've exhausted all options they usually give up.
We will likely have a similar concept in our country as China's "lying flat" movement unless we make a big shift.