No it won't last, because as soon as the wages start coming up then the fed will say "inflation is heating up" and raise interest rates, causing businesses to spend more on debt service and less on employees.
It's a matter of facts. The population growth rate is too low. The rate of retirement is too high (boomers exiting). Immigration is at modest levels versus the total population base. Almost any consistent GDP growth with those factors in play, will generate an extreme labor demand squeeze. It's particularly bad for blue collar jobs; the boomer generation is loaded with blue collar skills / trade persons, and they're exiting in droves.
Major economies with low population growth like Germany are able to maintain perpetually low unemployment with very modest growth. The US routinely grows 3x to 4x faster than Germany, including presently. It's obvious what the consequences of sustained 1.5%-2% (much less higher) GDP growth must have on the US when it comes to labor shortages from this point forward, when all the labor factors are taken into account.
