Unemployment has fallen to a new, 48-year low, but the move lower was driven entirely by a sharp drop in the number of people in work or looking for it.
Key points:An estimated 40,900 jobs were lost in July, the first fall in employment since October 2021
"The fall in unemployment in July reflects an increasingly tight labour market, including high job vacancies and ongoing labour shortages, resulting in the lowest unemployment rate since August 1974," Mr Jarvis explained.AMP Capital senior economist Diana Mousina said the numbers seem to be another early indication that the jobs market is near its peak.
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