It's forged slightly oversized, then machined down to spec.
Forgings are about 3x stronger than a casting, and are of a more consistent quality, which is why when I increased the HP for my Dodge, I spent the extra bucks to get forged spinning parts (usually they are cast).
If it's a rabbit hole you're interested in, then check out the history of geodesy / geodetic surveying & the design of mechanical / optical surveying equipment- especially theodolites & auto-levels (and even chronometers and astronomic observatories, if you want to go 4-dimensional).
It was the "industry" that had a large hand in innovating this technology, which led to the smaller versions used in manufacturing (made even more interesting due to the fact it was all funded to better artillery, and ultimately ballistic missle targeting, sans-GPS.)
I'd be happy to steer you in the right direction, if interested. It's a personal favorite.
Going beyond that, to tens of millionths or sub-micron, is where things get nutty with special climate controlled rooms. Digital indicators can easily read with such precision, but controlling for factors like radiated body heat become important.
Reference measurement is usually done with gauge blocks and pins. The development and popularization of these sets is basically how mechanical parts became standardized.
If you're interested in that sort of thing - bootstrapping precision and the like - check out "The Foundations of Mechanical Accuracy".
https://www.youtube.com/watch?v=dzIsR4Mg158
"ball screw" and "lead screw" are your search terms. For aerospace it's gonna also be center drilled to save weight as well.