There may be a glut of Engineers although I would be surprised if that is the case when you ask another question. That question is ' How many top notch, well qualified, experienced Engineers (Techs and Mechs) are on the market?'.
I have had just over 3500 CV from all over the world (literally)in the past year for Tech/Mech positions and have been fortunate to recruit some very good, quality people, but I have noticed that there are a large number who lack sound, solid experience in depth and/or suitable qualifications. Don't let the perceived numbers of Engineers that are on the market cloud the quality and experience issue.
Temps.