Following reports of record job creation across Australia during August 2014, putting employment at its highest level in 37 years, it has been confirmed that the figures were, in fact, too good to be true, reports Bloomberg. 

The Australian Bureau of Statistics (ABS) announced that it will drop the widely watched seasonally adjusted figure, which showed the nation of 23 million people added 121,000 jobs in August, in favour of its raw data, which showed 32,100 started work.

Annette Beacher, Head of Asia-Pacific research at financial services firm TD Securities in Singapore, commented: “No one believed the outsized August report. But there is still a clear picture of an improving labour market.”

Large swings in employment data are making it difficult for policy makers and investors to gauge the strength of the economy, with central bank Governor Glenn Stevens yesterday describing the figures as “unusually volatile.”

The jump in August jobs followed a surge in seasonally adjusted unemployment to a 12-year high of 6.4% in July.

The bureau said that it will review how it calculates the adjusted data after seasonal patterns in labour hiring in previous years didn’t occur in 2014.

Economists revised have their estimates for September’s data following the statement. Australia probably added 15,500 jobs in September and the unemployment rate held at 6.1%. Prior to the statement, a seasonally adjusted fall of 30,000 jobs and a rise in the unemployment rate to 6.2% had been forecast.