Even as the national economy snaps back, the mostly empty office buildings in Manhattan mean many storefronts have not yet seen a rebound. The stores are a crucial contributor to New York’s economy and employment. While the city is home to some of the largest companies in the world, small businesses employed about 900,000 people and made up 98 percent of all businesses before the pandemic. Employment at small service industry businesses in Manhattan neighborhoods with lots of office buildings was down 20 percent from prepandemic levels at the beginning of March, according to Gusto, which provides payroll and benefits services. In the wider New York metropolitan area, employment at such businesses is down much less, 6 percent.

Source: New York Times May 02, 2021 19:15 UTC