Not sure what your age is and your degree is in but when you say engineers, there are all kinds. My compnay would hire many engineers out of college, and becasue of the times through the 90's and 2000's, salaried raises were really limited to 3% or less, so they could never get to a decient salerry, without moving on to other companies. Entry level was so far down the scale it was pathetic. Eventually they made newhires goto the HMO insurances, and dropped pension plans like we all had. They offered 401k'S, but no pension plans. The squeeze by Clinton to stop cost plus programs, tightened everything up, and benifits have taken the hits every year since. By that time new hires with only a BA or BS were out of luck, and only Masters degrees qualified for many jobs. In the labor forces, they began subleting out the lesser skilled work, and many things they outsoursed to foriegn countries. I'm talking about the aerospace businesses, so not sure if this trend is the same in other industries.
Many people with college degrees can not get jobs in their fields, and end up still in careers that got them through college, like the restraunt business. In many cases can make more in a week bartending or waiter/waitress than what companies want to pay entry level jobs right out of college.
It is a sad situation we want our kinds to get an education, and when they do there are no jobs, or jobs needing no more than on the job experience, or lucrative sales commissions, pay far more. My daughter when theough hell and high water to get her teaching credentials, and everyyear goes through layoffs and recalls. We are in dire need of teahers, but we drive them out of the profession, the way the states run the school budgets.