It's for sure that there are many people seeking software engineering jobs. Not just college and university graduates, but also from training institutes. And add to that, the number of people in mathematics, electrical engineering, physics, business/commerce and even clerical "promotions"
Computing is almost required for just about everything if you want a career in an area.
Having been at the top levels for many years (before retiring), I know how stressful it can be. Especially if one is at the bleeding edge of the technology (most really good people burn out (or brown out at least) within three years, although some go for 20 years and longer before they lose their edge.
Towards the end of my time, it was getting hard to get new work (at one time I was told that I couldn't possibly use C++ or Visual Basic, because they had not been taught when I was at university -- despite using both for more than 10 years).
But, it';s for sure that there is a long line of people going for IT jobs -- when hiring, I often had over 100 applicants for the position, and that was 30 years ago. The thing is, most of the 100 (or 83 in your case) were useless, with no real skills or knowledge worth hiring -- nice people, yes, and desperate for the work, but not adequate for the environment I was in -- of the 100, only about six were really qualified for the job.
If you are any good, it might take you a while to find a reasonable job, but stick with it. And make sure there's a real WOW! factor in your CV, one that can stop the reader enough to look seriously at you as a candidate.