The sectors driving this decline are not obscure corners of the economy. They are the pillars that New York City’s financial health has long rested upon. Finance and insurance, which employ hundreds of thousands of workers across Manhattan and the outer boroughs and generate enormous tax revenues for the city, have been cutting positions rather than adding them. Hospitality — the hotels, restaurants, bars, and entertainment venues that define much of the city’s cultural and tourist identity — has also shed jobs in meaningful numbers. Retail, another major employer, has followed a similar path.
