I'm in fourth year engineering right now. Most of my class either has a job or has a clue about what they're going to do (grad school, take time off, etc). There are ample jobs available to those who want them.

I think the 30% might be more related to people who find jobs that aren't specifically engineering positions, but lend themselves well to engineering graduates (finance, construction, etc.).

For those that want a job in engineering and are graduating with good marks, the jobs are there. The guy in the article sounds like a whiner. He didn't do co-op (a must for those without experience) and he's applying for jobs online. This is not the way to get a job. Networking and showing off your skills is how you get a job. Other ways to get a job: school clubs, practical skills, connections, and cold calling companies you're interested in. Applying to random jobs and thinking your cover letter is the key is just wishful thinking and the guy who knows someone in the company will get the job instead of you.