On a micro level, machinery manufacturers around the globe appear to be struggling, at least relatively speaking. According to the IndustryWeek 1000, our list of the largest manufacturers in the world by annual revenue, each of the top five companies in the space dropped year over year. So did nine of the top 14. And 16 of the top 25. And 24 of the top 35. And 34 of the top 48. And on and on.