, finally heading in the right direction. >> reporter: bank of america's ethan harris says another promising sign is the number of people who had stopped looking for work but have started again. >> particularly people who are prime working age. that's people who a starting to come back into the job market and look for work. that's a very important development. these people are the backbone of the job market. >> reporter: with the percentage of people either with a job or looking for one, the highest it's been in a year, the table is now set for wage growth. >> because that's the point where unemployment's low enough, workers now getting some negotiating power, that's a sign of the final stage of healing in a recovering economy. >> reporter: so how far away are we from seeing wages that reflect a full economic recovery? ethan harris says the low unemployment would have to continue for another couple of years. >> pelley: jim axelrod for us tonight, jim, thank you. well, today makes six days of silence by president trump on his claim that president obama tapped his phones in the latte
justify a more accelerated approach to the fed's tightening policy. tom: this goes to the work of ethan harris, yellen did not want to talk about economic growth and gdp, she wanted to talk about jobs. also, in inflation. what is the probability or likelihood of decent gdp? we are going through a brexit in reverse scenario. referendum, the data held up well. here we have animal spirits rising significantly through elevated business confidence, but not translating into growth. the fed already said that. growth is at its weakest since 1983. that justifies the fed's more cautious stance in terms of tightening policy. it needs to see sustainable signs across the board that the economic trajectory is upward. tom: what data will you watch in coming weeks to begin to validate everyone's belief that there is a vector to higher interest rates? kamal: productivity, investment spending, components of gdp other than personal consumption economy take the u.s. onto the next sustainable stage of growth. fiscal consumption, we are near full employment, it is what happens to the other components of gdp.
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