Mike Faulkender, AFPI Chief Economist, joined Fox Business to discuss the economy and job market.

In a recent discussion, Mike Falconer, Chief Economist at the America First Policy Institute, and Breitbart's John Carney examined the current economic landscape. The Atlanta Federal Reserve revised its Q2 GDP estimate down to 1.8% from over 4%, driven by a manufacturing slump and declining job openings, indicating a potential economic slowdown. Despite this, Carney cautioned against overinterpreting the rapid GDP drop, attributing it to data volatility rather than a fundamental economic shift.

Falconer highlighted broader economic weaknesses, including poor retail sales, weak ISM Manufacturing reports, and declining industrial production. Both experts noted that the stock market's muted response to negative news suggests increasing investor caution about the economy's trajectory.

Additionally, Carney underscored the regulatory pressures from the Biden administration, contributing to reduced business investment. He also mentioned potential future interest rate cuts by the Federal Reserve, though he remains skeptical about imminent rate changes.

Falconer pointed to falling real wages, exacerbated by the influx of illegal immigration, contrasting this with wage growth during the Trump administration's "blue-collar boom." The panel concluded that regulatory and immigration policies significantly impact the economic outlook, emphasizing the need for policy adjustments to foster economic stability and growth.