the rising price of labor, and the success of unionization efforts and other labor actions
Both of these things can be explained by low unemployment as a result of low interest rates: lower unemployment increases the bargening position of workers, resulting in better pay and a higher succes-rate of collective action.
But the fed and the ECB have only expanded their monetary stimules since then. You can see on their balance which I linked, that they've kept on buying bonds since then, which decreases real interest rates for companies, much more than what's possible trought just lowering the federal funds rate or EONIA (which is what's usually meant when people are refering to low interest rates).
Both of these things can be explained by low unemployment as a result of low interest rates: lower unemployment increases the bargening position of workers, resulting in better pay and a higher succes-rate of collective action.
We had low interests rates as far back as 2008. We're only just now seeing labor actions 14 years later.
The low unemployment isn't just due to lending. There's a serious shortage of physical bodies.
But the fed and the ECB have only expanded their monetary stimules since then. You can see on their balance which I linked, that they've kept on buying bonds since then, which decreases real interest rates for companies, much more than what's possible trought just lowering the federal funds rate or EONIA (which is what's usually meant when people are refering to low interest rates).