I believe it's from the Center for Immigration Studies (cis.org); I'll see if I can dig up the specific page.
He hasn’t yet graduated and he’s overwhelmed with job offers. How is it possible 3.5 MILLION STEM grads can’t find a job?
He's being offered entry level jobs at an entry level salary; the 3.5 million are not entry level.
“The findings in this analysis are consistent with other examinations of the STEM labor market. We find no evidence of a general shortage of STEM workers. In 2012, there were more than twice as many people with STEM degrees (immigrant and native) as there were STEM jobs — 5.3 million STEM jobs vs. 12.1 million with STEM degrees. Only one-third of natives who have a STEM degree and hold a job do so in a STEM occupation. Further, one-third of STEM workers do not have a STEM degree, indicating that the supply of STEM workers in many cases is very flexible. Perhaps most important, real wages for almost all categories of STEM workers have shown only modest growth — both hourly and annual — for more than a decade. None of this is consistent with the idea that STEM workers are in short supply.” - https://cis.org/There-STEM-Worker-Shortage