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Industry Research: Classification Schemes

U.S. and North American Classification Schemes

SIC - Standard Industrial Classification. The SIC Manual (ALEXANDER DOCREF; CAMDEN, IMLR REF HF 1042 .S72; DANA, CARR Reference Desk) was last revised in 1987; it provides the government-assigned (four-digit) numerical codes for identifying industries, businesses, and products. With the adoption of the North American Free Trade Agreement, the SIC has now been replaced by NAICS.

NAICS - North American Industry Classification System (ALEXANDER DOCREF, CAMDEN REF HF 1042 .N67; DANA Reference Desk). NAICS-based statistics are being used for the Economic Census as well as the County Business Patterns.

To go back and forth between SIC and NAICS, select an appropriate correspondence table on the list of Concordances.

HTS - Harmonized Tariff Schedule of the United States (CAMDEN REF-COM, DANA REF KF 6654.599 .U55) is the most detailed tariff classification system with over 10,000 categories. Used for tracking U.S. imports and exports.

Numerical Manufactured and Mineral Products is an extension of the NAICS codes to the product level, by the addition of up to four digits. Used for reporting production statistics in the Economic Census and the Current Industrial Reports.

International Classification Schemes

HS - Harmonized System Nomenclature - is the (six-digit) classification system that replaces the SITC for international trade statistics. Consult the correspondence tables for HS->SITC and SITC->HS.

ISIC - International Standard Industrial Classification of all Economic Activities (ALEXANDER DOC REF, DANA REF HA 40.I6 U6) - is the (four-digit) main classification system for statistics by economic activity (e.g. agriculture, manufacturing, retail and wholesale trade.)

NACE - the general (five to six-digit) industial classification of economic activities within the European Community, that corresponds with ISIC at the two-digit level.

SITC - Standard International Trade Classification (ALEXANDER DOC REF, DANA REF HF 1041 .S77) - is the most widely-used (five-digit) system for classifying products in external trade data, used in reports from the United Nations and the OECD.

A new scheme is the Industry Classification Benchmark, developed by FTSE Group and Dow Jones Indexes, which is used for classifying public companies for investment analysis.

Jon Haveman's Industry Concordances, now maintained by Raymond Robertson, provides many correspondence tables between the major classification systems.

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