Unemployment will double by the end of the year with an economic hard landing inevitable, strategist says

• Unemployment will double to 6%-7% and a hard landing will hit by the end of 2024, a Mizuho strategist said.
• Declining inflation will shrink company profits and force layoffs. 
• "The inflation decline is not a benign indicator of, oh, we've done it, we've got a soft landing."

Those trying to read the tea leaves in inflation data to figure out where the US economy is headed are getting it wrong, and a hard landing is coming as unemployment rates will double by the end of the year.

"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.