Is the job market really that bad?

I know two friends who graduated in CS from NUS. They rejected a few offers because the pay was below $5k and the jobs didn’t come with the usual big tech perks like remote work or fancy pantry snacks... reasons that seemed pretty trivial. Yet, they keep complaining that the job market is very bad. Now they're saying they rather remain jobless than take up traineeships which to them, is an insult to the prestige of CS. To me, it looks more like they’re being picky rather than the market being tough. So is the job market really that bad, especially for fresh graduates?