Just from my own perspective and in speaking with recruiters (UK), I've never seen the job market this bad before. I have 20+ years’ experience, Harvard, senior leadership positions, and long tenures at reputable places. Yet I don't hear anything back from applications I put out (and these are senior positions).
I think one huge factor at play is the move to remote work, before you would compete with the people in your area who had to physically be able to turn up to a location to interview. What has happened is the opening of the gates to anyone in the world being able to apply to that same job, so you now have 500+ applications for roles that would have previously gotten 20. There’s only so much headspace one can give to that quantity of applicants so I suspect the first 25 get a look in and the others go in the bin.
I think one huge factor at play is the move to remote work, before you would compete with the people in your area who had to physically be able to turn up to a location to interview. What has happened is the opening of the gates to anyone in the world being able to apply to that same job, so you now have 500+ applications for roles that would have previously gotten 20. There’s only so much headspace one can give to that quantity of applicants so I suspect the first 25 get a look in and the others go in the bin.