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.

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.