NACE points out that HR recruiters are interviewing less college graduates before hiring. Data suggests that recruiters are able to filter out the best candidates for the position in less time, leading to less interviews, and less expense. It also points out that firms, happily, are hiring earlier into the academic cycle in order to lock in the best talent.
Clearly, this is an environment where the employers are getting the applicants they want, and the applicants are finding more outlets for their skills. A happy balance, but one where students must post their skills, and organize their case for being hired – because less people will be considered in the final picks.