Suggest Remedy For Difficulty In Breathing

I have a 2 yr old boy, who has had a cold for about a week, with off and on temps, around 100. Tonight he had a temp of 104 (about an hour ago), I gave him Infant s Tylenol and his temp is back down to 98 now. My concern is that he is breathing really quick, shallow breaths that sound labored. Should I be concerned about this? Is there anything I can do to help him breathe easier?