The adjusted and unadjusted labor income shares for industry and services are shown in figure 8. The adjusted labor income averages 48 percent of value added in industry and 62 percent for services. In both cases, there is little evidence of a secular trend, although the labor share in industry and manufacturing was rising prior to the 1997 financial crisis and has been falling since then. With similar capital-output ratios, the return to capital has been roughly the same in agriculture and industry, but it is substantially lower in services with a higher labor share, and a much higher capital-output ratio. The data for services, however, are distorted by the inclusion of the capital and imputed income associated with homeownership. Furthermore, the implied rise in the return to capital in industry and manufacturing after 1997 is surprising because it is not consistent with the notion of substantial excess capacity in the aftermath of the financial crisis. Nor is it reflected in any significant recovery of business investment.