Because this business cycle was led by capital goods both in its boom and bust stages, manufacturing has been especially hard hit over the last few years. In fact, until the economy comes much closer to full employment, we will not be able to isolate the structural issues with any confidence.
Authorities here and abroad have the tools to get economies back to high levels of employment and production, even as we adjust to higher productivity growth and shifting production processes. Getting economies on track seems to be requiring unusually accommodative fiscal and monetary policies - but these policies finally appear to be bearing fruit.