Conventional wisdom has long held that the U.S. manufacturing sector is on the decline. But in a new research report, Kenneth Fisher’s firm offers a very different take.

“The U.S., like most developed countries, has evolved into a more diversified economy, with a heavy emphasis on services, which account for around 70% of U.S. GDP,” the report says. “This isn’t unusual. Throughout history, economies have typically followed the same progression: agrarian to industrial to service.”

The report finds that while manufacturing has declined as a percentage of total U.S. economic activity, manufacturing has also declined as a percentage of global economic activity. The U.S. remained the world’s largest manufacturer as of 2010, the report says. To read the complete report, follow the link in this release.