Unemployment will double to 6%-7% and a hard landing will hit by the end of 2024, a Mizuho strategist said.
"The inflation decline is not a benign indicator of, oh, we've done it, we've got a soft landing."
"The hard landing will be a sharp increase in unemployment," Mizuho strategist Dominic Konstam told Bloomberg TV on Monday, forecasting unemployment rates at 6% or 7% by the end of the year.
The labor market is increasingly coming into focus in the soft landing debate, as hiring stalls and layoffs increase.
"The inflation decline is not a benign indicator of, 'oh, we've done it, we've got a soft landing,'" he said.
Persons:
we've, —, Mizuho, Dominic Konstam, Goldman Sachs, Konstam, Powell
Organizations:
Service, Bloomberg, ata
Locations:
Covid