The graph shows that before 1850 the well being of workers and their families was very much divorced from the overall state of the economy. Wages were high in the 1400s because repeated visitations of the plague kept the population low, and hence the national economy stagnant. The 1500s were a period a great population and economic growth for England as a whole, but as the graph shows this meant a significant decline in the real wages of ordinary workers. Wages weren't cut in nominal terms, they simply failed to keep pace with inflation. Inflation in this period was was fed by 1) a huge increase in the amount of silver in circulation, caused by Spanish looting in the Americas and new mines in Germany, and 2) a growing population competing for limited resources, which led to a big increase rents in London and other cities and a smaller increase in the price of food.
But notice that by 1860 the economy had entered a different world, leading to the first real transformation in the lives of ordinary workers since Roman times.
Source. Data is from Bob Allen.