H.S. graduates generally still need additional training and good math and literacy schools, but everything I read suggests that there are indeed jobs for those with skills. For example, construction companies are reporting a serious dearth of skilled works. Yes, some types of training may need to be refreshed if the job marketplace changes, but the investment of time and resources is also not normally the same as a four-year college education.

Here's one article on the subject. http://money.cnn.com/2012/03/14/smallbusiness/trade-schools/index.htm

Skills don't necessary need to be manufacturing oriented, either.