Manufacturing then and now

Calculated Risk reviews the ISM Manufacturing Report and throws out this gem:

• Although this was the highest employment index reading since 1973, manufacturing employment is a much smaller percentage of overall U.S. employment now. In 1973, almost 30% of private payroll employment was manufacturing, today it is less than 11%. So the same reading today will have a much smaller impact on the overall U.S. employment.

Wow, 30% versus 11%.  Quite the change over 38 years.