With regard to labor supply, we have had a pickup in labor force participation among prime-age workers (those 25 to 54 years old) that is, at least for now, boosting the supply side of the economy. The participation rate of prime-age workers has risen about 1-1/2 percentage points over the past few years.
And participation in the job market may still have some further room to rise, as the prime-age participation rate is still a couple of percentage points below the levels that prevailed in the late 1990s, when the labor market was last this strong.