"According to the Federal Reserve Bank of New York, the unemployment rate for recent graduates — which it defines as 22-to-27-year-olds with a new bachelor's degree or higher — was 5.7% as of June, more than the rate for all workers, which stands at 4.1%"
The unemployment rate may be 5.7% for recent graduates, but the underemployment rate is 42.0%. That counts people who are working at a job that doesn't require their college degree. The unemployment rate was as low as 3.9% in May 2022, when the underemployment rate was 40.7%. That means that the full-employment rate has been quite steady over the last few years. There has been very little change in job finding probabilities for a single individual.
However, there are factors that make a similar employment rate feel worse. College costs have risen, and today's graduates have a lot of debt, while inflation-adjusted salaries have lagged while inflation chugs ahead.