New York City is the business and financial capital of the world, and many leading national and international corporations have their headquarters there.
The city's financial center, Wall Street, is the world's leading center of finance and the home of the nation's most important securities market, the New York Stock Exchange.
The same area contains the nation's second largest exchange, the American Stock Exchange, and several smaller exchanges, including the Commodity Exchange, which deals in metals, rubber, and hides; the Coffee, Sugar, and Cocoa Exchange; the Cotton Exchange; the Futures Exchange; the New York Mercantile Exchange; and the International Monetary Market.
In addition, in the vicinity of Wall Street are many of the nation's biggest banks, trust companies, insurance companies, and brokerage houses.
Because of its favorable location, excellent port facilities, and large population, New York City is the leading wholesale and retail trade center in the United States.
New York is also a leader in communications, the hotel and restaurant business, building construction, and manufacturing.
New York City has reinvented itself economically in the last half of the 20th century.
In 1945 it was the busiest port and the most important manufacturing center in the world. Since that time, it has lost more than 800,000 of its 1 million factory jobs.
Although more than 100,000 longshoremen once worked its docks, fewer than 10,000 did so in the late 1990s.
Activity on the waterfront was decimated by a combination of intense competition from other U.S. ports and technological changes such as containerization, which allow ships to be loaded and unloaded by far fewer workers.
Between 1955 and 1980, the city also lost jobs as corporations left the city, moving to nearby suburbs or to other parts of the country.
Companies found that they could cut the cost of office rentals, wages, and taxes that they had paid in the city.
Since 1980, however, New York has experienced an economic boom, particularly in new service industries that provide services to individuals and businesses in such fields as finance and banking, health services, education, restaurants, and sales. It has also solidified its reputation as a financial, cultural, and communications center.
New York City’s banks and law firms have prospered. The metropolitan region’s well-paid managerial class has worked to integrate the world economy with that of the United States, through the influence of the city’s stock market, investment banks, and currency traders.
New York’s stock market, the largest in the world, has a profound influence on finances around the world.
In addition, the city’s investment banks are extremely influential in establishing the value of foreign firms and currencies.
By the end of the 1990s, every important financial institution in the world had a presence in New York, and Wall Street had become synonymous with high finance.
Manhattan is the headquarters of the nation’s television and radio networks, making it the heart of the mass media in the United States.
The headquarters of most of the nation’s major publishing houses and advertising agencies are also clustered in Manhattan’s Midtown.
Today, commercial and financial services, commerce, and tourism provide the main economic support for New York City.
The majority of New York’s workers are employed in service industries, working in medical and other health services, motion-picture entertainment, hotels and lodging houses, advertising, radio and television, and personal services such as laundries, beauty parlors, and barber shops.
The next largest number of New Yorkers work in retail and wholesale trade, and followed by those in government jobs. The rest work in finance, insurance and real estate, manufacturing, transportation and public utilities, and contract construction.
Manhattan benefits significantly from tourism as well.
About 30 million travelers visited annually in the early 1990s, contributing to the demand for services.
Finally, the city still has some important manufacturing industries, including printing and publishing and the production of apparel and other textile products.
Manhattan’s boom in high-paying service jobs was not shared by the outer boroughs, which were once the center of the city’s manufacturing businesses.
By the end of the 1990s, there was a dramatic reduction in factory jobs in the Bronx, Brooklyn, and Queens, and many of the new jobs in these boroughs were low-paying service jobs, such as hospital orderlies, store clerks, and office cleaners.
By the end of the decade, however, the populations of these boroughs had stabilized or begun to rise slowly and a sense of optimism developed among many residents.
The Bronx and Brooklyn lost both population and jobs during the 40 years following World War II, but these neighborhoods recovered during the late 1990s as new homes replaced the burnt-out buildings that were all too common in the 1980s.
Queens has continued to prosper because of the influx of immigrants.
A spidery web of more than a dozen bridges, an underground system of tunnels, and an extensive network of parkways and expressways encouraged the physical spread of New York outward from Manhattan.
The city remains different from other American communities because of its extraordinary public transportation system.
In contrast to many other U.S. cities, where buses and passenger trains have become irrelevant to the lives of their citizens, more than 5.2 million New Yorkers use these forms of public transportation every day.
The city's financial center, Wall Street, is the world's leading center of finance and the home of the nation's most important securities market, the New York Stock Exchange.
The same area contains the nation's second largest exchange, the American Stock Exchange, and several smaller exchanges, including the Commodity Exchange, which deals in metals, rubber, and hides; the Coffee, Sugar, and Cocoa Exchange; the Cotton Exchange; the Futures Exchange; the New York Mercantile Exchange; and the International Monetary Market.
In addition, in the vicinity of Wall Street are many of the nation's biggest banks, trust companies, insurance companies, and brokerage houses.
Because of its favorable location, excellent port facilities, and large population, New York City is the leading wholesale and retail trade center in the United States.
New York is also a leader in communications, the hotel and restaurant business, building construction, and manufacturing.
New York City has reinvented itself economically in the last half of the 20th century.
In 1945 it was the busiest port and the most important manufacturing center in the world. Since that time, it has lost more than 800,000 of its 1 million factory jobs.
Although more than 100,000 longshoremen once worked its docks, fewer than 10,000 did so in the late 1990s.
Activity on the waterfront was decimated by a combination of intense competition from other U.S. ports and technological changes such as containerization, which allow ships to be loaded and unloaded by far fewer workers.
Between 1955 and 1980, the city also lost jobs as corporations left the city, moving to nearby suburbs or to other parts of the country.
Companies found that they could cut the cost of office rentals, wages, and taxes that they had paid in the city.
Since 1980, however, New York has experienced an economic boom, particularly in new service industries that provide services to individuals and businesses in such fields as finance and banking, health services, education, restaurants, and sales. It has also solidified its reputation as a financial, cultural, and communications center.
New York City’s banks and law firms have prospered. The metropolitan region’s well-paid managerial class has worked to integrate the world economy with that of the United States, through the influence of the city’s stock market, investment banks, and currency traders.
New York’s stock market, the largest in the world, has a profound influence on finances around the world.
In addition, the city’s investment banks are extremely influential in establishing the value of foreign firms and currencies.
By the end of the 1990s, every important financial institution in the world had a presence in New York, and Wall Street had become synonymous with high finance.
Manhattan is the headquarters of the nation’s television and radio networks, making it the heart of the mass media in the United States.
The headquarters of most of the nation’s major publishing houses and advertising agencies are also clustered in Manhattan’s Midtown.
Today, commercial and financial services, commerce, and tourism provide the main economic support for New York City.
The majority of New York’s workers are employed in service industries, working in medical and other health services, motion-picture entertainment, hotels and lodging houses, advertising, radio and television, and personal services such as laundries, beauty parlors, and barber shops.
The next largest number of New Yorkers work in retail and wholesale trade, and followed by those in government jobs. The rest work in finance, insurance and real estate, manufacturing, transportation and public utilities, and contract construction.
Manhattan benefits significantly from tourism as well.
About 30 million travelers visited annually in the early 1990s, contributing to the demand for services.
Finally, the city still has some important manufacturing industries, including printing and publishing and the production of apparel and other textile products.
Manhattan’s boom in high-paying service jobs was not shared by the outer boroughs, which were once the center of the city’s manufacturing businesses.
By the end of the 1990s, there was a dramatic reduction in factory jobs in the Bronx, Brooklyn, and Queens, and many of the new jobs in these boroughs were low-paying service jobs, such as hospital orderlies, store clerks, and office cleaners.
By the end of the decade, however, the populations of these boroughs had stabilized or begun to rise slowly and a sense of optimism developed among many residents.
The Bronx and Brooklyn lost both population and jobs during the 40 years following World War II, but these neighborhoods recovered during the late 1990s as new homes replaced the burnt-out buildings that were all too common in the 1980s.
Queens has continued to prosper because of the influx of immigrants.
A spidery web of more than a dozen bridges, an underground system of tunnels, and an extensive network of parkways and expressways encouraged the physical spread of New York outward from Manhattan.
The city remains different from other American communities because of its extraordinary public transportation system.
In contrast to many other U.S. cities, where buses and passenger trains have become irrelevant to the lives of their citizens, more than 5.2 million New Yorkers use these forms of public transportation every day.
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