The American job market exceeded expectations in June, posting job gains of 147,000 and seeing the unemployment rate tick down by a tenth of a point to 4.1%. All in all, it’s an acceptable report, but not without its flaws – some conditional and some fundamental – which must be taken into account.

U.S. job growth continued at a steady pace last month, surprising economists who had predicted a slowdown in hiring amid uncertainty over trade and fiscal policy.