Labour productivity has grown by 0.2 percent annually, on average, between early 2015 and the end of 2023.

…average weekly earnings have increased only 1.6 percent between January 2015 and January 2024, or less than 0.2 percent per year.

This sounds like productivity is commensurate with pay. Maybe instead of advocating for interest rates to drop (which has issues of its own), we should be advocating for proper pay raises?

Higher interest rates slow spending

Higher pay increases spending