Final answer:
The nurse's first action would be to continue to monitor the client.
Step-by-step explanation:
The initial ABG results indicate that the client is in respiratory acidosis, as evidenced by the low pH (7.32) and high PaCO2 (48 mm Hg). The client is given supplemental oxygen and placed in a high Fowler position, which improves oxygenation and ventilation. The repeat ABG results show some improvement, with a higher pH (7.35) and lower PaCO2 (38 mm Hg), indicating partial compensation. Therefore, the nurse's first action would be to continue to monitor the client.