There's both an excess of jobs and excess of employees. This is probably true in every industry (every Starbucks is hiring, yet everyone complains how hard it is to find a job), but it's especially true in tech.
The problem is there's a shortage in qualified candidates. Salaries have gotten so high that even the most mediocre developers are demanding six figures. There's been a huge inflation of salaries in tech, and a decrease in craftsmanship and quality. So, companies are getting less done for more money. It's a gold rush, and we're getting to the point where "3 months experience [1]" is the norm.
I've been trying to hire. I'm not worried about high salaries for someone good. However my inbox is full of people who know half a language and want a starting salary of $130k. That's crazy.
[1] http://www.nytimes.com/2015/07/29/technology/code-academy-as...