The other posters are describing the state of China right now, so I'll describe things on a more macroeconomic perspective.
The lack of manufacturing in the US can be linked to the lack of investment from the low savings rate as the flipside of high consumption, and a strong dollar (relative to surplus countries like China) that both boosts imports, driving consumption even higher than lowering savings rate, and weak export competiveness.
That lack of savings manifests as the Current Account Deficit, and normally the dollar should weaken due to it, strengthening exports and naturally rebalancing the trade. Unfortunately, because the rest of the world does the opposite in having an abnormally high level of savings, they push all their capital into the USA. This overall appreciates the dollar, and is good for the finance industry, but persistently doing this for 40 years has basically destroyed US manufacturing.
The lack of manufacturing in the US can be linked to the lack of investment from the low savings rate as the flipside of high consumption, and a strong dollar (relative to surplus countries like China) that both boosts imports, driving consumption even higher than lowering savings rate, and weak export competiveness.
That lack of savings manifests as the Current Account Deficit, and normally the dollar should weaken due to it, strengthening exports and naturally rebalancing the trade. Unfortunately, because the rest of the world does the opposite in having an abnormally high level of savings, they push all their capital into the USA. This overall appreciates the dollar, and is good for the finance industry, but persistently doing this for 40 years has basically destroyed US manufacturing.