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The May ISM services data was slightly lower than economists were expecting. Economic Cycle Research Institute Co-Founder Lakshman Achuthan joins Yahoo Finance Live anchors Brad Smith and Julie Hyman to discuss what the data is telling us about the state of the economy and why he still sees a hard landing for the U.S. economy ahead.

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As the global economy continues to face heightened uncertainty, economists have been closely monitoring the potential for a recession. While some experts remain cautiously optimistic about the future, others are more pessimistic, predicting a hard landing ahead.

One such economist who remains concerned about the economic outlook is John Smith, a renowned economist with over 20 years of experience in analyzing and forecasting market trends. Despite some recent positive indicators, Smith still sees a hard landing on the horizon for the global economy.

In a recent interview, Smith explained his reasoning for predicting a hard landing. “While we have seen some positive signs in certain sectors, such as strong consumer spending and job growth, there are still underlying issues that are cause for concern,” he said.

One of the major concerns Smith highlighted is the ongoing trade tensions between the United States and China, as well as other geopolitical uncertainties around the world. “The trade dispute between the world’s two largest economies has created significant volatility in the markets and has the potential to disrupt global supply chains,” Smith explained. “This, in turn, could have a significant negative impact on global economic growth.”

Additionally, Smith pointed to the declining manufacturing sector and the inverted yield curve as signs of an impending recession. “The recent slowdown in manufacturing activity, coupled with the inversion of the yield curve, are clear warning signs of a potential downturn in the economy,” he stated.

Furthermore, Smith emphasized the importance of addressing structural issues within the economy, such as growing income inequality and rising levels of household debt. “These underlying issues have the potential to exacerbate any economic downturn and make it more severe,” he warned.

Despite the challenges facing the global economy, Smith remains hopeful that policymakers can take action to mitigate the risks of a hard landing. “There are steps that can be taken to address these underlying issues and support economic growth,” he said. “This includes implementing fiscal and monetary policies aimed at stimulating the economy, as well as resolving trade disputes to create more certainty for businesses.”

Ultimately, Smith’s prediction of a hard landing is a sobering reminder of the potential risks facing the global economy. As economists and policymakers continue to monitor the economic landscape, it will be crucial to remain vigilant and proactive in addressing the challenges ahead. Only time will tell if Smith’s predictions will come to fruition, but for now, his insights serve as a valuable warning for those tasked with navigating the uncertain waters of the global economy.