Graduate employment crises happen at least once every decade (initial covid, 2008 crisis, dotcom bust, early 90s recession etc). What I could argue is more unusual are those bubble times when getting a great job right out of college is easy. And then how quickly those expectations are taken for granted...

GenX'ers will remember the days of 'Slackers' 'Reality Bites' and the malaise of those who graduated with fancy degrees in the early 90's but stuck in barista jobs etc.