" I've been in the market for a couple of months, and I have no idea what employers are looking for"

IMO that's because they (employers) too have no idea what they are looking for. It's a mess and only getting worse.

My 2 cents is just say yes to that rare proposal that comes after one or 2 interviews. And yes, they do exist but almost everyone passes them because "if it was so easy the role must suck". Well, the possibility of role sucking is exactly the same if you went through 10 hoops to get the job.