I think it depends on the field. If it's English or history and I think, also, science, the rejection rate is fairly low because there are so few positions and so many applicants.
Forumites keep saying this, but I'm not convinced. Many folks come out of history programs with options and have to choose one option while rejecting others. Same with English.
That said, what I think it happens fairly often that job opportunities cluster around a few candidates. A handful of candidates get multiple offers while everyone else gets fewer, or none. Not because other candidates are less qualified, but just because the market is given to fads. Certain people are in vogue each year.