From an article posted on the jobs for grads thread, pertinent to this
More Americans have gone to college, so it’s less of a differentiator.
Over 40% of employed Americans have at least a bachelor’s degree (it was 24% in 1992). That’s about 30M more people competing for college grad jobs. And while the number of jobs requiring a bachelor’s degree has also increased, when more people go to college, that means college on its own is a weaker signal of job market preparedness, relative to other candidates.