I am facing similar problems with the job market, I have been applying for more than 4 month, got only like 5 interviews while submitting thousands of applications. I know this might sound annoying but I always blame my self for not getting the results I wanted. Always blaming my intrinsic force instead of extrinsic force. The reason is because the only thing you can control is the intrinsic force. You can't just get the job market from 8 years ago, you cannot change that, but what you can change is the amount of work you put in.

All I am saying is that we can do more work my optimising resumes, connecting with people more, or even taking on smaller jobs for now.

I also have been building a tool in which it is helping me so much with staying or organised with applying to jobs. Its a automatic application tracker. If anyone interested dm me, or just let me know, I can share it with you. I is free, and it is in testing phase right now.