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New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs.[342] New York City's unemployment rate fell to its record low of 4.0% in September 2018.[343]

Many Fortune 500 corporations are headquartered in New York City,[344] as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company.[345] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists.[346][347] New York City's role as the top global center for the advertising industry is metonymously reflected as "Madison Avenue".[348] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.

(ranked by 2015 revenues) with City and U.S. ranks

NYC corporation US 1 Verizon Communications 13 2 global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs.[342] New York City's unemployment rate fell to its record low of 4.0% in September 2018.[343]

Many Fortune 500 corporations are headquartered in New York City,[344] as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company.[345] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists.[346][347] New York City's role as the top global center for the advertising industry is metonymously reflected as "Madison Avenue".[348] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.[349]

Other important sectors include medical research and technology, non-profit institutions, and universities. Manufacturing accounts for a significant but declining share of employment. The city's apparel and garment industry, historically centered on the Garment District in Manhattan, peaked in 1950, when more than 323,000 workers were employed in the industry in New York. In 2015, fewer than 23,000 New York City residents were employed in the manufacture of garments, accessories, and finished textiles, although efforts to revive the industry were underway.[350] Food processing is a $5 billion industry that employs more than 19,000 residents.

Chocolate is New York City's leading specialty-food export, with up to $234 million worth of exports each year.[351]

Many Fortune 500 corporations are headquartered in New York City,[344] as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company.[345] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists.[346][347] New York City's role as the top global center for the advertising industry is metonymously reflected as "Madison Avenue".[348] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.[349]