According to Ibis World, the British machine tool industry had a projected revenue of £1.1bn, an annual growth rate for the period 2014--2019 of -5.4%, employed 15,181, and involved 1,027 businesses, compared with £30 million and 42,700 in 1948. (And £8.9 million and 22,400 in 1935). The negative growth rate is due to the downturn in commodities (so oil and mining dominate the British scene, I guess.) To frame these numbers, the "red-hot" American scene is projected to buy $8 billion in machine tools in 2019. (Note that I am not adjusting for inflation.)
That reminds me of last week, when I took my bike into the shop for the first time in over two years, and got the usual mechanic's litany of "We had to replace this, and this, and this, and then we discovered that this had to go. Then there was labour, and the GST, but we cut you a little break on that, so," with a pause and an apologetic look, he ended up, "It'll be $450."
If you drive a car, that's the punchline. If you don't, I'm not sure what I can do. My instinct is that bikes are getting cheaper, although some time spent noodling around looking at historic cost of living figures isn't exactly confirming that. The idea here is that, while the machine tool industry has lower employment than in 1949, it's just about as big as it ever was. It's just a bit irrelevant, because making things isn't such a big deal any more.