Cyclic Component of the Labor Force Participation Rate

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According to Bloomberg, U.S. central bankers seem to feel that when it comes to employment, they’ve done about as much as they can. As a result, the Federal Reserve’s Monetary Policy Report (released last week) concluded that the labor market was “at or a little beyond full employment.”

Questions:
1. If you boil the whole article down to one word, what would it be?
2. What is happening with unemployment according to the article?
3. What has been a critical development in recent years regarding labor force participation and how does it typically trend?
4. What has a recent study from the Kansas City Fed argue?

Source:
Dutta, N. (2018) The Fed May Have Jumped the Gun on Full Employment. Bloomberg.com, March 26 (Retrievable online https://www.bloomberg.com/view/articles/2018-03-26/fed-may-have-moved-too-quickly-to-proclaim-full-employment)