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. the port of new york and new jersey is also a big part of the economy. it received a record cargo volume in 2017, over 6.7 million teus. new york city's unemployment rate fell to its record low of 4.0% in september 2018.