First, the growth rate is still low and from this chart could be leveling off.
Second, for a 40 hour week the average gross wage is only just over $800/week!
Third, the growth rate is not inflation adjusted!
Fourth, the wage share has been falling for decades as productivity increases have gone elsewhere.
And what makes anyone think any of this is a function of interest rates?
Particularly in the direction assumed?
And why is it assumed that increased wages wouldn’t cut into profit margins?
Is the economy assumed to be ‘competitive’ only when it suites?