Productivity growth has outpaced the growth of the minimum wage over the last ~40 years.

What makes you think labour is the cause for the productivity growth? (if that's your assumption)

all value is created by labor. raw resources embedded in the earth is useless without labor. food doesn't get prepared without labor. financial transactions cannot be made without labor (even if computers are involved, which require labor to make and program). productivity (growth) is simply labor applied to magnifying other labor, like building a winch rather than applying direct work.

there is a forceful ideological denial of this simple premise by the owner and managerial class, because it's an existential threat, but labor is still the essence of value. that technology can leverage labor and multiply its output doesn't change that. labor can create value that is not yet owned (depending on law), which itself is a threat and why owners focus so much legal fortification on that front.

also note that economists work for the owner and managerial class, providing a powerful incentive for bias in this regard.

OK your definition of labour is hugely broad. If you're calling market speculation, investment, and innovation 'labour' then wages have most certainly kept pace with productivity.

It doesn't matter if they are the cause, they're the ones still doing all the actual work. If productivity is going up, they should share in it just as much as the capitalists.

when you take one period of 125 years, then another of 125 years, and compare them to 50 years, then yeah, it's not a huge surprise that the 50 years has lower production numbers.