More surprising is the extent of decline within the trade and other services industries. Both of these industries are very large in terms of value added and employment: each accounts for about 30 percent of total services. Output of wholesale and retail trade fell sharply in 1997 and 1998, and there has been only modest recovery in subsequent years. The inputs of both labor and capital slowed, but the bulk of the adjustment has been in a sharp contraction of TFP. In other services, the slowing of output growth was less pronounced, but because of continued strong growth in employment, labor productivity is well below its 1996 peak. With data through 2003, there is little evidence of a recovery of TFP in services, and the decline from the 1996 peak is most evident for sub-industries of banking and trade.