Public job board listings have been spammed by fake jobs called ghost jobs. Candidates must overcome that to find real jobs, and the boards in general do not remove said postings. Candidates are forced to identify characterize and remove listings on their side (extra work and cost), through strict OSINT background searches. Businesses have forced candidates to bear increasing arbitrary costs just to find a job and this is a longstanding trend (half a century). Comparisons could easily be made of a slave master in uncivilized times, where mental coercion and torture has replaced physical torture.
What is happening is the same mechanism that RNA interference plays in cellular networks. Equilibrium means no one gets jobs, and its far more cost effective to ramp up the spam (and indirectly the lagging, but adaptive noise floor) than to correct the underlying issue. Nothing else works.
Also, there is a big problem with wages when you can't support yourself a wife, and multiple children and because of cooperation among companies in various little things they have integrated, this has gotten worse (like a sieve) over decades.
The recent tech recession is manufactured and AI driven. You have execs looking to use AI to replace wholesale any workers further driving wages down while vigorously replacing any workers that would dare to pace their wages independently of inflation (just keeping them static in terms of purchasing power, not even increasing).
The malaise is because jobs aren't available, and people are working for slave wages, they are no better than wage slaves in many respects. Companies care far more for short term profits than they do for sustainability, despite there being clear documented evidence that slaves are the worst most costly type of labor because of that lack of agency (malaise as you call it).
Slaves do subtle sabotage, and front-of-line block with minimal output, they also don't have children. If you read a bit of history this goes all the way back to where Spain during the inquisition had to outlaw slavery by decree in the Americas because threatened their colonies there (from the destruction of the natives, i.e. killing themselves in granary, or killing their children so they wouldn't have to suffer). How bad did it have to get for the government responsible for the inquisition to at the same time say, no we can't have this.
(The Wealth and Poverty of Nations, Landis)
Business chooses what they do, Candidates don't choose for them. When business has adopted bad assumptions and frameworks, you need to re-examine your premises.
Qualified labor didn't just disappear, you filtered it out, and the fact that people don't see this shows just how blind people are today.
Also, when you black tarp out a landscape for long periods of time, of course everything dies underneath it, and its barren even if you change and remove that requirement, for a good amount of time.
Intelligent candidates have options in that they are flexible (and go to other sectors for business when no jobs are available). This is a sticky psychological decision, and they rarely as a general rule return to previous bad investments.
When you and most other businesses scorch the earth in pursuit of profit, why is there any surprise that talent can't be found? You selected and filtered against talent in the first place by the actions taken.
You can see this perfectly in the fact that for most companies, any gap in employment (not continuously employed, larger than 6mo), puts you at the bottom of a pile or straight to the waste-bin, regardless. False association says its because there is something wrong with the candidate, when in a downturn there may be nothing wrong.
Its completely irrational when these people then say they can't find talent. The brain drain is real.
Incidentally, experience at companies outside your given sector is also considered another redflag as well, with a discard or waste-bin non-response. Perfectly competent candidates which your HR department, or 3rd-party pre-screener (AI), ignored, and that isn't even touching on all the protected class violations silently occurring in unenforceable ways, thanks to AI's black box characteristics (where age, gender, and other things are being used to decide).