"Labor follows the same supply demand curves as any other commodity."

Yes, it does. The demand dropped.

What you hear about real wages is in reference to the US and other parts of the global north. Those manufacturing jobs moved to the global south and now there is less demand for them here.

Yes. I'd add collapse of labor unions, but that's rather a consequence. The perception of women taking jobs from men also follows from loss of male-dominated manufacturing jobs. Women did that work during WWII, but they were enticed back home afterward.