> Major school's CS grads are finding jobs upon graduation at an 11% rate (I don't have the primary source on this, but it is published by a site I read that never fudges these kinds of things, going back many years).

I think you may have misread something. 11% is closer to the unemployment or underemployment rate for recent grads, not the employment rate.

There may have been a short window during the intense layoffs where you could have looked at a specific graduation cohort and found a low rate of job placement at time of graduation, but that’s a very different statistic. Many take time off after graduation, travel, choose to go to grad school, or just don’t start job searching in earnest until after graduation.