On the face of it, the June jobs report presents a robust picture of the US economy, with a historically low unemployment rate, a healthy number of jobs added and wage growth that outpaces inflation.

When the Labor Department on Thursday releases job numbers for last month, they’re expected to show that businesses, government agencies and nonprofits added 117,500 jobs in June, down from 139,000 in May, according to a survey of forecasters by the data firm FactSet.