I have the impression that the real shortage is of people that have REAL skills.
The number of graduates is certainly correlated but somehow we fail in identifying the talents.
There's of course good economic reasoning for this viewpoint. It forces job candidates to learn skills on their own dime, and companies don't end up training someone who then gets a higher paying job elsewhere.
This in turn is a consequence of the modern view that people only spend a few years at any one job, rather than decades. This encourages employers to see employees as a resource to exploit, rather than to nurture.
There's two major tech companies who do this locally, and they have some of the most loyal employees I've seen anywhere.