Naics pit: don't get bitten when sic codes are retired

摘要

Use of Standard Industrial Classification (SIC) codes by the federal government to measure the nature of business will be discontinued in 1997. In its place will be the North American Industrial Classification System (NAICS, pronounced "nakes"). The new system has been produced in conjunction with Mexico and Canada and will allow easier comparison of data between the NAFTA trading partners. NAICS provides comparability with the International Industrial Statistical Classification from the United Nations at the two digit level, to the extent possible. The new system industry sectors, NAICS will be expanded to twenty sectors. The new sectors will be formed by combining existing and new industries into new sectors, e.g. Information Sector will include the publishing, broadcasting, and telecommunications industries. Concerns regarding NAICS come from researchers and information providers. The loss of integrity of time series data is a serious issue for researchers. Information providers have to decide how to present their data: should they keep the established codes, adopt the new ones, or ignore the codes altogether and just use natural language? This paper will address the background information of NAICS and highlight some of the differences between the two code systems. A brief description of how some database providers are dealing with the situation will be included.