It can be a difficult situation to be in as a recent graduate. You can't do so much about how many jobs there are, but you can do something to make your job search as good as possible.
Good preparation takes time, especially if you have to send many applications. But it pays off, and is especially important now that you may have to compete with many other applicants for the same job. Your preparatory work will help you to write a good targeted application and resume – and might make the difference of whether or not you get the job.
When there are a lot of competitors, it's extra important to make sure your resume shows the employer what you can do, and how that is valuable to them. It must be targeted and show how you are the perfect match.
It's your job to tell the employer why they need to hire you. You need to put some time into writing a compelling application that captives your future employer's attention. It's important to tell them why you want the job and how your skills fit the job, so it's easy for them to see that you are the right match for the job.
Go for the positions where you have no competitors. In a job market under pressure where there are many competitors for the same positions, it's important to spend some time applying unsolicited job. It gives you little or no competition and the opportunity to create your own job. Sounds a bit like a win-win, doesn't it?
Networking is important for your job search. Spend some time expanding and maintaining your network - also as a recent graduate. It may well be what makes the difference.