In 2021, 104,874 CS students graduated—the highest number ever [0] (1.5x more than the 4 years prior). But the job postings 2022-2025 have certainly not maintained that trajectory.
If the number of graduates keeps climbing while the total number of jobs shrinks, then naturally more new grads will struggle to find work.
Playing devil’s advocate: some “senior” folks may now be competing with juniors, since they’re willing to take lower titles or pay just to stay employed. I’m not sure how much that actually shifts the market, considering companies famously don't hire overqualified people and tech workers face age-ism risk.
[0] - https://nces.ed.gov/programs/digest/d22/tables/dt22_322.10.a...