There is no such thing as a "STEM job". There are computer science jobs and marine biology jobs, both under the rubric of STEM, but the skill sets are not fungible and the employment prospects are wildly different. We can simultaneously produce more STEM graduates than jobs and have a shortage of workers for STEM jobs.
The most popular STEM degree by a large margin is psychology, many more than all engineering disciplines combined. That psychology majors can't find work implies little about the demand for engineers.